Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Gallagher:

I didn't know they were called, I think you heard Secretary General Cardiff. It wouldn't surprise me and it was a prudent thing. If an issue arose on which assistance was required that hadn't already been addressed, then they were readily available to Government. That frequently arises, people are asked to be available so if some unexpected issue arises. So far as the issue of their opposition to our preference for nationalisation was concerned, and concern about the sovereign rating, that, I believe, was well known and is recorded in the Merrill Lynch report. So I assume, but this is only an assumption because I didn't know they were out there, that people believed they had the information, understood that, that was clearly inputted into the decision that was made, taken account of, and as I said, had to be balanced and a judgment made.

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