Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

My understanding is yes. I mean, I think that the issue was the funding was continuing through the Eurosystem. Clearly, there was an issue of restructuring that would have to come up and, if you like, they saw the need to bring back to some, sort of, decision process to see what would happen so that when we did go into the programme, there was, as you know, a restructuring that took place and the €10 billion amount of the facility that was made available at the time was provided for that to start. And we brought in legislation in December of 2010 to enable that to happen.

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