Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Ms Ann Nolan:

Well, there were ... there two aspects ... legal aspects. I mean, the legislation was ready, I think, and could be made ready very quickly in terms of ... that was ready, I think, at the time of the guarantee, in that nationalisation, and that legislation was ready to go. Part of the due diligence we did in Anglo before we nationalised it was looking at all the bond agreements to make sure there were no clauses ... there were some of the clauses that had to be bought out just before the nationalisation, you know, in terms of swaps and these kind of things, technical stuff, and that ... you know, you need to do that stuff before you nationalise, and we did do it before we nationalised.

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