Oireachtas Joint and Select Committees

Wednesday, 15 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Okay, finally, you made reference to the ECB grudgingly providing emergency liquidity assistance to the Irish banks in November 2010. Can you elaborate, what do you mean by that? The ECB was providing record levels of funding to the Irish banks as we know at that time. What was your reaction to the letter from Mr. Trichet of 19 November 2010 which essentially threatened that the ELA may not continue if the Government did not provide ... enter a programme?

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