Oireachtas Joint and Select Committees

Wednesday, 15 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. John Corrigan:

: Well, I think ... if you get back to my earlier comments, I think the Minister for Finance had it in the back his mind that while the investments in AIB and Bank of Ireland wouldn't be investments which the Pensions Reserve Fund Commission - which is the governing board of the pension fund - would make on commercial grounds. He felt, in the back of his mind, that, ultimately, we would get the money back and, therefore, it was appropriate to take those investments out of the NPRF. And it was through our management responsibility for the NPRF that I became involved in it, as I think I explained in my submission. At that time, I was the director responsible for the NPRF. So it was really through the NPRF - and it was around the investments that were coming out of the NPRF - that the NTMA became involved. Subsequently, that responsibility or, if you like ... responsibility is the wrong word, that involvement widened out. But the initial cash injection for Anglo came out of the Exchequer and that deal would have been closed on by the Department of Finance officials. We would not have been involved in it.

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