Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pádraig Ó Ríordáin:

Well, we weren't asked to advise on the guarantee, just to clarify that. I think that, in general terms, if we had been advised to ... asked to advise on the guarantee, we certainly would have been qualified to act on the legal aspects of the guarantee. And, you know, for example in the implementation of the guarantee afterwards, Senator, which happened in the first three weeks of October, where the statutory instrument that was ... that brought the guarantee into law was created, we were very involved in that. So I think that bears out that, on the legal side, yes. But I think there's ... and this comes back to a question you asked Eugene earlier as well, I think there's a very important distinction - certainly in terms of our role - between what the policy is, in terms of what you choose to do in terms of supporting the banking sector, and then the legal implementation of that. And they're actually two fairly distinct points.

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