Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Dr. Michael Somers:

I don't believe there ... I'm trying to remember now. I don't ... no, I don't think there ever was. I mean, we got ... we got directions ... we got guidelines every year from the Minister and it was really, "Don't borrow more than 10% in yen or more than 5% in Kuwaiti dinars", or something like that. It was more like a risk ... what they call now a risk appetite statement. You know, "These are the parameters within which you're to operate and you're not to have ...", they'd tell us how much money we should have at the end of the year and the counter-party credit restrictions that would be on us, i.e., don't deal with banks that are dubious, etc. It ran to three, four, five pages or whatever.

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