Oireachtas Joint and Select Committees
Thursday, 2 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Brian Cowen:
I'm surmising but, I mean, the Secretary General of the Department, I think was a member of the NTMA board, wasn't he? So there would be discussions coming up at NTMA board level I presume. And I suppose the NTMA would ... if you're a member of the board, you're entitled to voice your opinion as to whether you think the bank is overreacting about not putting some money into a bank when it seemed, on any objective basis, that there was no danger relating to this money going in for the short term that it was going in for, why would people be saying, "No, we won't put it on"? So I eventually was asked to ... obviously, that came up and it must have been in that context ... I'm only surmising, I can't recall, you know, I can't ... I don't know for a fact - it makes sense, it's logic, that what would happen then is that they say "Well, why don't you do that?" And the chief executive says, "Well, you know, unless I get a written instruction from the Minister, and I'm independent, I won't be doing that." So he has to come back to me and say, "Would you ... we think you should ... maybe you should add that, just for the purpose of ensuring that no one reads something wrong into this that needn't be read into it." And if that's what they wanted me to do, I'd have no problem doing that. So that's about the size of it.
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