Oireachtas Joint and Select Committees
Wednesday, 24 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. William Beausang:
So what that reflects is what was probably in the guidance from Europe in terms of what a DSG should do. But I think as reflected in the final MOU for the DSG, that role in terms of operate at macro level overseeing the financial stability environment generally, that that was not proceeded with on the basis that there needed be legal certainty around the responsibilities of the different participants in the DSG, and there was no question that it would operate on some kind of pooled or joint basis in exercising the powers the individual institutions had.
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