Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Dr. Michael Somers:

Well, he knew, because we said to him, "We're not going to do it" and that's why we ended up going for this legal opinion and insisting that we wouldn't place any money with them unless he gave us a written direction. And the written direction, you know, covered, you know, whatever it was, a three-month or six-month deposit, and we said, "Now, unless we get another direction, we're taking that money out and we're going to put it back into the Central Bank, so do you want to give us another direction?" I mean, this didn't do any ... didn't do an awful lot for personal relationships because, you know, the Minister was ... would have been ... or the Department would have been quite happy if we had just done it without any direction, but we were not doing it without any direction.

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