Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Gallagher:

Yes. I think, in fairness to the Department, Deputy, they contacted my office on 30 November 2007 and raised a number of legal issues that are then referred to in this scoping document which I believe, but subject to correction, was January 2008. I think the committee will also have seen what I might call ... not spreadsheets, but slides, where various issues were identified with regard to the challenges that existed and those slides, I'm not sure precisely what date they came into existence, but they noticed that there were legal challenges and legal issues but no legal impediments ultimately. Between 30 November 2007 and 29 September 2008, the Department was in constant contact with my office, looking at possibilities, identifying different options. I believe that it was on 16 June 2008 that there was a particular emphasis on producing the necessary legislation that would provide legal options that included, Deputy, in particular, nationalisation legislation and also the provision of a legislative basis for any guarantee that might have to be offered in respect of any institution.

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