Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Gallagher:

I don't precisely remember that. I'm sure I did see it but I certainly remember drafts that were prepared by Mr. Cardiff. And I think the Taoiseach drew the distinction between what's called the guarantee and the statement. What was being prepared was a statement, which was identifying the instruments that would be covered and the Government's position, and there were various drafts of that, and I certainly looked at that. And one of the things I was particularly concerned about, Deputy, was to ensure that that statement made clear to everybody when it was ... that this was going to be subject to terms and conditions, because that was a vital protection for the State that any guarantee of any instruments was to be subject to the terms and conditions, and those terms and conditions were, ultimately, set out in the scheme that was approved by the Oireachtas.

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