Oireachtas Joint and Select Committees
Wednesday, 24 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Kevin Cardiff:
No, more than ... I think in the late summer probably. We were ... a low point in terms of ... initiative was in probably summer 2010. We had done an awful lot of work, which seemed to be paying dividends in the late spring-early summer and then the - late spring - and then the sovereign crisis accelerated and seemed to be unravelling all the work. We were sort of stuck there and the Government was a bit at a loss I think too. Well, what next, what haven't we done? The answer was, well we haven't produced for the market and for the public a picture of how we are going to progress over the next four or five years and perhaps that would produce some credibility to the Government's actions. So it was in the course of that summer, I can't remember exactly when, but I do recall taking aside one or two technically very able officials and saying "Guys, can we produce this, do we have the skills to do this?" They said "sure", so we said "Okay, well start." Then the Minister would have been much more involved in it because it was becoming more of a product into September and October. But we were talking about it with Europe and so forth a little bit, even in September so it was clearly in train by then.
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