Oireachtas Joint and Select Committees

Wednesday, 15 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Marc MacSharryMarc MacSharry (Fianna Fail) | Oireachtas source

When we had Mr. Somers, the then CEO of the NTMA in here, he painted a scenario where ... I must paraphrase slightly that he spoke of, ''We were the ones with the money and that's what they wanted us for."

He also spoke of - on the night of the guarantee in question, and Deputy Murphy may have mentioned this - sitting in a room endlessly, for hours, but that this was the norm. And I think he recalled anecdotally an occasion where he was there waiting to be consulted on some issue of the day, as often was the case, and the people came in and said, "Oh, you're here? We're going to lunch, we'll see you after." In your experience should the NTMA have been consulted a lot more on the basis of their market, practical knowledge, on all of these issues?

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