Oireachtas Joint and Select Committees
Thursday, 25 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source
So ... and then suddenly, just over a month later, 19 November, they're being asked to apply for a bailout. And in that period, ELA ... the funding for banks jumped by nearly ... it went from €62 billion up to €109 billion. It was nearly 76% of a jump, which is €47 billion. So the question, really, I want to ask was that ... what was the key factors that ... that suddenly there was a change in just a month, from saying, "We're not looking for a bailout, we want you to implement your plan", and suddenly, very much demanding to apply for a bailout. Was it around ... effectively, you said it was going to be ... the Financial Times said there could be a run on the Irish banks. What was the key factor that Trichet came out, in a month's time, from not looking for a bailout, to - from 15 October, to 19 November, just over a month later - looking for Ireland to apply for a bailout?
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