Oireachtas Joint and Select Committees

Thursday, 18 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. John Moran:

People see conspiracies in places where they never exist, right, and, I mean, we weren't caught off guard, with all due respect Deputy. The process of liquidating the bank was that at the point at which we may have announced we were liquidating the bank, the board would still have been in place, and the board would have not been able, at that point with - depending on what signs or what decisions had been made with respect to the promissory note and the rest - they may not have been able to continue trading under the obligations they had. And they may have had to try and seek, as the board of a company that existed, a winding-up order of their own. Not the one that ... that I've explained to you on the night if I recall ... you know in terms of the legislation that we actually passed to liquidate the bank. So this was a safety mechanism, not caught off guard, this was drafted I can assure you with legal ... lawyers had prepared that long before-----

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