Oireachtas Joint and Select Committees
Wednesday, 1 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Sean Barrett (Independent) | Oireachtas source
Because Simon Carswell gave it in evidence and I'll give you the context now:
At one point the Department of Finance was described by one of its own officials as being "under siege" in [a] lobbying campaign by the financial industry. The aim was to get legislation passed to allow banks to issue bonds backed by commercial mortgages. The financial sector won out. The legislation was passed in early 2007, [right] at the peak of the property boom, making it easier for banks to borrow more money to provide more loans to more customers.
And this was the Asset Covered Security (Amendment) Act, No. 13, 2007. Were you involved in that debate?
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