Oireachtas Joint and Select Committees
Thursday, 18 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. John Moran:
It already has. I mean the legacy debt from the banks, looking forward a little bit in terms of what we're ... I gather ... I mean, I'm not on the numbers any more but from what I hear in the newspapers and that, it is expected, at least, that we should broadly speaking wash our face on the pillar banks between one ... some pluses and minuses across them. The ongoing banks will probably recover as much capital put into it, which essentially means the legacy debt is the promissory note and the bonds that replace that, so that's €30 billion. The legacy debt, if you want to call that, that is being accumulated with the deficits run, despite the measures taken even before 2011, to try and reduce that relatively quickly, is going to be over €100 billion, you know, and so that's three times the other number. So that's why I say this and I'm not saying that they were the wrong decisions; that was to protect the vulnerable, that was increases in unemployment and the rest but we need to keep things in context.
No comments