Oireachtas Joint and Select Committees

Thursday, 2 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

Sorry, gentlemen. Excuse me, Mr. Cowen, and excuse me, Deputy Doherty, please. You can cry all about your lunch and you're getting cranky but we need to get through the day's work we have to do. I just need to deal with one thing. You were talking there earlier about the liquidity issue - and then I'm going to bring in Senator O'Keeffe - and you were saying that liquidity had a relationship to the difficulties that were being caused, Mr. Cowen. However, in that regard, would you consider or accept that Irish banks were, to a much larger extent, dependent upon wholesale funding than banks in other European countries? And were you aware as the Minister for Finance or was Government aware that Irish banks had funded the main part of their credit growth through fund markets?

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