Oireachtas Joint and Select Committees

Thursday, 25 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Professor Patrick Honohan:

I'm not sure ... Government guarantee ... I'm not sure to what this refers. Obviously, we were ... had ramped up the intensification of what we were doing with the banks in terms of all their management and so on and so forth. They had responsibilities now to the State and ... managed through the Department of Finance, as well as to the Financial Regulator. The Financial Regulator because it's a regulator, Department of Finance because it's managing the guarantee and it was ... and obligations to them. So they, for example, they were ... they had to increase their loans by a certain amount and they had to comply with that and they reported to the Department of Finance on that. We also tracked what was going on there. So, I'm not sure what specifically you're ... there.

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