Oireachtas Joint and Select Committees
Thursday, 18 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. John Moran:
Yes. It comes up later as well. And I don't think, again, you ... perhaps, everybody understands this. It may not have been withdrawal. It just could've become very expensive, right? And a 1% or 1.5% increase in the cost of ELA or the ECB funding to the Irish system would've been €1 billion or more a year, at that time. And we were talking about a potential prize of however much you can get out of €3.7 billion. So, all of this has to be taken into the context of the decision making. If it was a question of having €56 billion of, you know ... where our senior creditors in the bank at the time, then you may have had a different, sort of, you know, set of scenarios to look at.
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