Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Kieran O'DonnellKieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

So you would have got this from David Doyle, who would have been obviously forwarded this on from him to you, you worked with Eoin Dorgan who was the Minister of Finance's press secretary. Now, these two statements, the draft Government press release, which is document TAB AM, and then TAB AN, which is the revised version, right, there's no great difference in those documents bar you say the first one states that "The Government stressed ... all institutions will continue to operate as normal with their customers on the basis of this guarantee", and the revised one said "All customers should continue to operate as normal". First reason, I know I have a limited time, Chairman, the first thing I want to know, why did that change happen? And secondly, comparing it to the Government press statement, that issued on 30 September, the content of it, outside of maybe changes, it's the same language, it's using, it uses "has decided", uses words like "market turmoil", it uses the "Government to remove any uncertainty", "objective ...[take] ..... decisive action ... to maintain financial stability", " designed to safeguard the Irish financial system".

The key differences are: in terms of the language used, I think, Mr. Beausang, it's very similar, one could state that it's just purely an editing of the, of language that's used, but the document, the press statement you prepared with Eoin Dorgan, is a six-month guarantee purely for deposits. The revised, the Government guarantee deals with ... it covers, in addition it covers covered bonds, senior debt and dated subordinated debt, dated lower tier 2 debt. Also, this was purely for six months but the Government's one is a two-year guarantee from 29 September 2008 to 28 September 2010. So the question, I suppose, I'm asking you is, is that, when was the first occasion that you became aware of this Government press statement, where it stated the six-month guarantee, the one you received from David Doyle? When was the first you would have become aware that this matter was being discussed with the Central Bank?

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