Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Gallagher:

No, there was no, well ... sorry, there was no specific discussion about significant debtors. There was, of course, the realisation that if you give a guarantee, you have an exposure. But the belief was that these banks were solvent. It was hoped that this would solve the liquidity situation, and it was hoped that there wouldn't be a call on the guarantee. But, of course, that risk couldn't be excluded.

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