Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Well, I ... we sent a letter. I sent a letter to them as I was told that if we wanted that to happen we should just send an instruction to them because they have a statute which is about their independence and if a Minister involves himself in any of the things that they do you have to produce a letter for their file. I did that and they put it in. And the amounts they were putting in were very modest. Before that they weren't putting in anything and I think all it was about trying to make sure that you didn't have an Irish bank was out trying, looking for funds, having to say to someone "Well, your own National Treasury Management Agency doesn't lodge any money with your bank." I mean that wouldn't make sense. And certainly you wouldn't do anything that would put anything ... it wasn't at risk anyway.

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