Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Ms Cathy Herbert:

I think a bit of both. I think it was a matter of timing. I think that what Brian Lenihan was trying to do was to design ... I mean when Olli Rehn was over after all just five days previously, they ... there was discussion around, at a meeting in advance of his press conference, around the idea of a precautionary bailout so that he would, you know, that we had our four-year plan, that it was something that would come from Government and that there would be supervision. Now there had been a huge amount of supervision anyhow in ... and interaction with the ECB and the EU on budgetary matters from September and that that would continue and that we would be allowed, with the supervisory ... supervision of the institutions to implement the four-year plan which was going soon to be-----

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