Oireachtas Joint and Select Committees

Thursday, 2 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Now what powers they had to go in and do that, you need to check under the 2003 Act but the bottom line is that there was this huge fear, it seems to me, about any information getting out into the marketplace about anyone in difficulty and you had all this, sort of, secret discussion or, you know, confidential discussion going on - "constructive ambiguity" is, I think, one of the phrases that's used in the document - so as to ensure that people don't get a view of something that would ... could have unforeseen consequences and cause even bigger problems than what you're trying to solve.

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