Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

No, the question of capital controls, thankfully, didn't arise in Ireland because the decisions we made when the crisis hit us on 29 September, as I say, bought us the necessary time to re-establish ourselves over a period. I mean, if we had a situation where, given what had to be done on 29 and 30 September that we weren't capable of making a decision, and if there was a bank closure, the impact that would have on public sentiment, on a run on other banks, you know, we don't ... we don't have ... we don't wish to see that happening anywhere. I don't like to see it happening anywhere. And I'm just saying no, we didn't get to that point. They got to that point in Cyprus. They got to that point in Greece. And I hope they can find a way out of it that's ... will alleviate the hardship of the people that are suffering under this situation.

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