Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Kevin Cardiff:

We had already done a lot of negotiation by then, in fact ... I mean, we had done so on the basis of what-ifs because, you know, we couldn't run ahead of Government agreements. Everything was done very closely with the Minister, so the officials were not running ahead of the Minister, but the Minister was having to manage this ... the discussion, the prior discussion was all about "If we were to join a programme, what would be the terms?" So, by then, we were at that point where a lot of the, "Well, if you do, then the terms will be X, Y and Z", a good deal of that had been discussed. So, I'm not sure. So long as his statement didn't lead the other side to start rowing backwards and say, "Well, we could get more", then it wouldn't have made a huge difference. I don't think it did make an enormous difference to the endpoint.

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