Oireachtas Joint and Select Committees
Thursday, 16 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source
Okay. Well, isn't ... doesn't that really go to the heart of, ultimately, the weakness that some would argue ... I can't ask, perhaps, a leading question ... but ... of the guarantee, that the nature of it was such ... and the failure on the night to have full information as to the possible exposures in most of the institutions, or certainly a couple of them, meant that the liability opened on the sovereign was such that the markets deemed that it was incredible? Did you ... what I really want to ask is, did you offer, on the night, a view as to an investigation that should be carried out immediately into the exposure that possibly the sovereign was being opened up to by the nature of the terms of the guarantee, as agreed?
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