Oireachtas Joint and Select Committees

Wednesday, 15 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pat Farrell:

As I recall it, and again, you know, it's quite a number of years back but I would guess that we got a call from the Department of Finance, probably at the level of, you know, assistant secretary, principal officer, saying, "Listen, there's this issue. It's getting a lot of air time. Authorities generally around the world are mobilising to think about what they can do in terms of contingency planning around critical systems, banking being one of them. I think it would be appropriate to gather the banks together and to discuss this issue and try and find a mechanism to deal with it." And they may well have ... as I said, I don't have a particular recollection of being at the meeting but they would probably have attended it. I wouldn't be surprised because, from time to time, the Central Bank or the Department would attend a meeting because they might brief on a particular piece of legislation or an initiative that was under way and it would be an opportunity to brief members on the detail of it.

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