Oireachtas Joint and Select Committees

Thursday, 18 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

So, in that regard, can I maybe just bring you to a question: was there correspondence circulated that you may be familiar and or may have a sight of ... correspondence in around September-October 2010 because there was this exposure ... that the country needed money to pay the bills every week ... forget about how bad the mortgage had actually become inside the banks. Civil servants need to be paid, teachers need to be paid. There was income and outcome that had to be dealt with. So, was correspondence in around September-October 2010 from the ECB leading ... or alluding to key funding by the ECB to Irish financial institutions that this could potentially be jeopardised, if Ireland didn't enter a bailout programme? So ultimately, the money that we needed to meet that structural deficit would not be available to Ireland, if we did not proceed into a bailout. Do you have any insight into that?

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