Oireachtas Joint and Select Committees

Thursday, 18 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Susan O'KeeffeSusan O'Keeffe (Labour) | Oireachtas source

-----where the banks came in and they met the Central Bank and Financial Regulator to talk about potentially rescuing Irish Nationwide in some way, shape or form. The minutes taken by both of the banks from that meeting would suggest that things were very bad indeed for INBS in talking about a hole in the ... on page 132 of Kevin Cardiff's Vol. 1, it talks about, "The banks reiterated it was not a realistic proposition for either institution to provide unsecured funding for an entity that had a hole in its balance sheet which would exceed its reserves," and a Bank of Ireland document also suggests that there was a funding gap of €4 billion. So, at that point, at the beginning of September, those two banks, in their assessments, assessed INBS as being in a very perilous state, I think. Was that information clearly communicated back to you, because I know that you weren't at that particular meeting?

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