Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Gallagher:

Yes, I think that wasn't problematic, because once you gave the guarantee, you had to make sure that all companies within the group were covered. Otherwise, if any one of those defaulted, the group couldn't let a subsidiary default because that would ultimately ... might well result in a default for the group, but, certainly, would pose an enormous risk for the group. So, I think that followed.

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