Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Gallagher:

No, and I don't know how the ... that may have, sorry I don't want to impute anything to the ECB, that would be quite improper. I would be surprised if the ECB were purporting to advise us on what was or was not constitutional. It was quite clear to me from any interaction I had with Minister Lenihan that the objection was not a legal objection, that the objection was that they were afraid of the contagion of the markets. And I think it was mentioned that ... Secretary ... Geithner in the US was totally against it, and I think he acknowledges that in his book, The Stress Test,on the crisis.

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