Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Kevin Cardiff:

Like every other country in Europe, we had set up an independent central bank and we have explicitly in law said to the governors of those central banks, even more so incidentally in Ireland than other places because we put a great deal of responsibility on the Governor himself, as opposed to the board, who we said, "You are independent and you've to act in the public good but entirely independently of government." So he took a view that was different to the Minister's and different to mine at the time as to when was the time to talk more openly to the Irish public. I think, in truth, there was only a day or two in it. It was very clear, at that stage we were having gone, in the lingo, from contacts with the EU-IMF to by then what were being called short and focused discussions actually in Dublin. I mean, it was clear that there was a momentum building. I think probably what Patrick said on the Thursday, the Minister would probably have been willing to say himself on the Friday evening. So I was not especially upset by it, I thought, "Well, I would not have done it but he has to do his duty as he sees it." I think Minister Lenihan thought the same because there was no sense of rancour between them afterwards. I think they just saw each other as doing a slightly different job. It was a little bit... I would have liked an hour more notice of it, that's all.

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