Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

No, I don't think they ... I wouldn't say it was expressly ... made expressly known but it was clear what their policy was. I mean, there hadn't been a bondholder burned since Lehman's. Even the United States, who have a much more aggressive resolution programme for wind-ups of banks or closing down banks or winding them up, they hadn't burned a bondholder, I think, since Lehman's either. And the reason was that ... the effect this could have on market sentiment. So that's-----

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