Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of John Paul PhelanJohn Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Okay. I was just going to turn to the Bank of Ireland question because we have minutes - and I've referred to them in evidence - from Mr. Cardiff from 13 and 17 October 2008, where they were discussing at board level that ... the need for a taxpayer injection - actually, not just a recapitalisation but a taxpayer funded one - and on 17 October, one of their minutes said "it would be inappropriate to push the Government at [this] time, as the Exchequer budget was due to be announced the following day." Would you have been aware, and when did you become aware - because I think you indicated that you were - that, internally, Bank of Ireland were acknowledging the need for taxpayer capital?

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