Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Well, we didn't ... we didn't lose control of it but... what happened was we certainly lost control of the ... the public relations around it during that week. And ... but, the ... in substance, you know, we had a Cabinet meeting on the Sunday - the 21st - and that's when we made the decision to formally enter the programme. And I've explained what the ECOFIN conclusions were leading up to that ... talking about continuing consultations. There was political pressure coming to bear from colleagues, there was, as I said, anonymous reporting going on - presumably from ECB sources - and what we were doing was asking, basically, that our position be respected, where a Government has to consider all of the ... all of the issues and come to its own conclusion in its own time, which wasn't going to be vitally different from where people were thinking about anyway.

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