Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

It was ... the situation there was that we made a decision at that Cabinet meeting, yes, to apply, make the application formally. Sorry, one second. It would involve, obviously, the question of bank sharing or, sorry, not bank sharing, bank restructuring. To return the banking system to long-term sustainability and viability in relation to their funding capacity, in other words to start reducing the balance sheets. It involved restructuring of Anglo Irish Bank and INBS and there was legislation would be involved in that as well, including a bank resolution regime to enable the restructuring of distressed institutions.

The actual question of, of burden-sharing is not ... I don't see as part of the decision here, at this point.

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