Oireachtas Joint and Select Committees

Wednesday, 15 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. John Corrigan:

-----by raising money on the markets in ... towards the end of ... or early 2014. As regards the other, the EFSF and the EFSM, they were pricing those off the facilities that they had given to Greece. Initially the discussions were they were looking at giving us very short-term facilities when we engaged with them in November, and we persuaded them in those discussions that if we were to go for a programme, that they ... for any programme to be meaningful, they would have to look at maturities of the order of seven years or beyond. They did, they did go for the extended maturity but the initial interest rates were well over 5% and they were ... they were reduced, I think, during the course of ... in mid-July 2011.

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