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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