Oireachtas Joint and Select Committees
Wednesday, 8 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source
The perspective I am coming from is, in the time I have is that ... NAMA originally was ... the plan was 30% haircut discount. It ended up, basically, being nearly 60%, nearly €19 billion extra of losses. You had to bring out a new, we'll say, bank plan on 30 September, just literally a month and a half before you applied for the bailout programme. In essence, is it fair comment to say that the second bailout was really, in substance, a second bank bailout? And if that level of discounts ... if you hadn't crystalised the losses in NAMA to the extent that you did, that the European authorities would not have been ... that it caused a degree of panic amongst European authorities in terms of the exposure of the Irish-----
No comments