Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

I don't believe that the Governor at any time was part of this unnamed sources. I don't believe that for a moment. What happens in these situations is, you know, the European Central Bank, there are a lot of people on it and there are a lot of people have an awful lot of things to say about other countries and not a lot of things to say about their own. And some people, as we know, can't pass a microphone when they're passing it, on the basis that they'll give you the full story once you don't mention their name. They're all very brave, sincere, honourable people, I'm sure, but they're not ... it's not a very ... a nice practice to be engaged in. It doesn't show any respect to the native governments, the member state governments. You know, we didn't any ... need any reminding from anybody about what our responsibilities were. We knew exactly what our responsibilities were. We were simply trying to create a bit of space for ourselves, as anyone would, to get as much clarity on what it is we were having to face into, rather than just simply saying, "We're going in" and then they can walk in and impose whatever conditionality they like on the basis that we've already publically declared we're going into a programme. You've got to use ... even if you know you're in a weak position, you've got to use as much leverage as you can or try and create a bit of leverage, so at least there's a mutual respect when you're sitting down and that you, as a Government, are acting in a ... in good faith, but obviously prudently and carefully before you decide ultimately on what is a major policy position. So, regarding then whether Professor Honohan was pushed, I mean, Professor Honohan went out, he was obviously ... maybe ... I don't know what the detail of who contacted who, in terms of how the interview was set up, but I'm sure RTE were interested in talking to him and being the-----

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