Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

In Kevin Cardiff's statement - it's coming up on the screen there - there seems to be a commentary from Olli Rehn is ... It's just come up there now in a moment, from Olli Rehn that maybe a bailout programme could be avoided, and then Mr. Buti is more or less taking a certainty position that a bailout programme is going to happen. I just, it says ... it's half way down the page there - this is the visit of the 27th September that we referred to earlier with yourself and Ms Nolan, Mr. Ahearne, Mr. McGrath and yourself:

Certainly, after spending some time with him alone, Lenihan told me that Commissioner Rehn thought it was still on balance more likely than not that a bailout could be avoided – though it had to be considered a possibility – even, according to Lenihan, suggesting that the Portuguese were a more likely candidate for bail-out at that stage than was Ireland. But Marco Buti, who reported directly to Rehn, told me separately that it was his personal view that a bailout would probably on balance be required. He was not advocating it, at this stage, merely giving an opinion on the likely turn of events.

So, does that concur with your own view that we were heading to a bailout programme-----

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