Oireachtas Joint and Select Committees
Wednesday, 24 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. William Beausang:
I suppose that was the basis of, or one of the reasons why we prepared the scoping paper, to try to develop an approach where there would be more up-to-date or more relevant information available to the authorities at the point that intervention might need to be taken. I think in that document itself or the presentation that followed on from that, we made the point that it was important that the CBFSAI had the information and tools to make the type of assessment that was needed at short notice, to advise Government on what resolution action should be taken. And the response from the Central Bank was that in a rapidly changing and a rapidly evolving crisis situation, the information that they'd have would be not necessarily up to date or current or relevant, so they pushed back on the idea that there was some sort of core database that might be available to the authorities to assess these issues as final decision making had to be made.
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