Oireachtas Joint and Select Committees
Wednesday, 24 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. William Beausang:
Well, I mean ... at the point ... you know, let's say at end September, we'd a piece of legislation that, you know, at short notice could be finalised to nationalise a bank, nationalise a building society, set aside competition rules in case anybody was interested in coming in and taking over the stressed institution and also in providing a guarantee or capital support to an institution, you know, the broad power to provide financial assistance under the legislation as it ultimately turned out to be. So there was a nationalisation Bill prepared and more or less ready to go. I mean, there would have been some ... some finalisation required if the Government decision had been to nationalise the ... any institution but the legislation was essentially ready.
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