Oireachtas Joint and Select Committees
Wednesday, 8 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Eoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source
Final question Mr. Cowen, why let it become a systemic risk? Because in March of '08 you had the Governor of the Central Bank asking two pillar banks to lend to another bank and those banks said they would if that lending was guaranteed. You go forward to September, you have the exact same situation, also you're already ... you're also bringing in a system-wide guarantee for all the banks, it's now a system-wide problem. But an intervention could have been made, or could it not, in March with a particular institution, to protect the rest of the system?
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