Oireachtas Joint and Select Committees

Wednesday, 15 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

I propose we go back into public session immediately. We continue our engagement with Mr. Farrell, is that agreed? Agreed. Okay, I just want to deal with one question there Mr. Farrell and I'll come back to you in the wrap up there. It's in your witness statement and it's in relation of your witness statement which the IBF to prepare a note for issues raised and circulate to attendees. It's just one, it's a minute of a ... it's a minute of a meeting, if I can get it up on the screen there just for assistance purposes. And I just want to ask you ... I'll just refer to a particular quote on that and then if I can move on from it. You said prior to 29 September 2008, the IBF had no mandate from the IBF council to discuss specific Government liquidity solvency support initiatives for this sector with the authorities, and was not a party to considerations by the authorities on such matters. Now, the note here ... I just want to refer to that, so in that regard ...however in July 2007 the IBF did participate in a liquidity funding workshop, this was attended by the IBF representatives of the major banks, and a representative of CBFSAI Central Bank Financial Services Authority of Ireland. The summary note of which was sent to Department of Finance, which I think we have here. And can you recall the note of issues that the IBF was committed to producing from this meeting and was this circulated to the attendees? And what were the key issues being discussed at that time?

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