Oireachtas Joint and Select Committees
Thursday, 18 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Kevin Cardiff:
Yes, we knew they were in deep trouble and the Central Bank's assessment on the Sunday was that actually most likely they can last a week or so based on the information they were getting and there was some advantage to play for the week for the reasons that now people are saying, retrospectively, that, maybe, there will be some additional move from the ECB, some additional news, positive, in the meanwhile. So, basically, the Governor and the Minister sitting on the now famous 7th floor of the Central Bank that day, sort of, discussed it. I was there. I did not disagree. I was uneasy but I thought, on balance, if we had a week, it would be better. The decision was, well let's ... since it looks like they can last till next weekend, let's take an extra week for preparation. In particular, I think the Minister had it in mind to prepare the Government because neither he nor anybody else wanted a Government meeting in the middle of the night.
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