Oireachtas Joint and Select Committees
Thursday, 16 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Paul Gallagher:
That was a legal fact that there was no ... a legal reality, that there was no avoiding. I think the significance of what President Trichet said, is that he was making it clear that while it was a matter for the Government to do that, the Government shouldn't let any bank fail. I think that was the significance, that you shouldn't let a bank fail, the responsibility for saving is yours, that was something the Government already knew. But the emphasis was, don't let a bank fail because if a bank fails, nobody can predict the consequences and the contagion effect. I think that was the significance Chairman.
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