Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Eoghan MurphyEoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source

Okay, thank you. And, then just further on in that e-mail, in the next paragraph, at the very end of that, "We expect to pay a lot more than Greece due to the scale relative to our GNP as the market will be unforgiving about our problems." And you also mention then, on page 4 of your opening ... opening statement, that you were trying to build up a war chest of liquidity to deal with the emerging banking liquidity crisis but you couldn't, "there was no appetite from longer-term bond market investors to invest on the scale needed to create a cash buffer to deal with even part of the potential fallout from the banks [...] [because of] the pressures the sovereign was already experiencing in terms of funding the National Debt which, during 2008, was €50 billion approximately." So, in that e-mail, are you pointing to a bailout? Are you saying that this now comes into view as a possibility for the sovereign, if we take on this liability?

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