Oireachtas Joint and Select Committees

Thursday, 25 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Professor Patrick Honohan:

Yes. So it's a similar sort of situation. Now, why did the ECB ... there's a funny situation there, and I'm sorry to be circumstantial again, a Chathaoirligh, but ... so we had ... end of March - we'd done all this stress testing the BlackRock people and so on - and we have come out with a number, which has ... we thought we could have got away with a little bit less and then they thought ... anyway, we got a number and we got a big document shows exactly how it's calculated, and we're already to go and ... well, is the ECB going to say "Yes, this is a good decision and the Irish banking system can move forward?" And then the Government shares with the ECB staff, and the troika staff generally, the ministerial statement which they're planning to make.

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