Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Charlie McCreevy:

So, therefore, from day 1 it was a very unusual structure now, so therefore ... and there were difficulties there from day 1 which have been found out, which we are dealing with at the present day. But the Irish Government and the Irish political parties, after all considerations of everything, and we were a very small player picking up less than about 2% of the EU's GDP at the time, we decided, in our long-term best interests, it was better to be in. And the most worrying factor for us at the time was not actually all those other areas because we more or less thought we were doing very well in those other criteria. But our main worry at the time, both my party, the Fine Gael Party and the Labour Party, we were going to join knowing that the United Kingdom was staying out. So, therefore, from day 1 the structures were a bit less ... sorry, the foundations were less than certain.

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