Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Kevin Cardiff:

Not just August. July and August, I think, maybe even June. We were in discussion with the Commission over a lengthy period. I don't recall the details of their objections, Deputy; if you wanted, I could probably find out. But, remember, they didn't like the guarantee. It was a problem for them. It was a state aid that was going on for a long period in all sorts of philosophical and principled ways, it was ... this was not a thing they wanted and, on the other hand, they knew that the Irish financial stability was relying it, so eventually they ... after a lot of toing and froing, negotiating back and forth, they conceded an extension. As I say, I can't remember the details of their objections but I'm sure they're available to you in documents.

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