Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brendan McDonagh:

Yes. I mean, we won't place any deposit with INBS. We won't give them any credit line. They'll look for credit lines from us and we wouldn't give it to them. I think a couple of years previously we had given them a €6 million credit line and then we decided to cut it because we just couldn't understand the business model. We took the view that really it's more trouble than it's worth to place €6 million on deposit with this institution when it really was a very opaque structure.

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