Oireachtas Joint and Select Committees

Thursday, 2 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

But is it the case that since the summer of 2007, the NTMA had started to move deposits out of the Irish banks because of growing market concern about the Irish banks, that there was some soft pressure placed on the NTMA from the Central Bank or the Department of Finance to put money into the Irish banks and the NTMA insisted on a letter of instruction from the Minister, a letter of comfort as such, in order to do that?

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