Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pádraig Ó Ríordáin:

I think that we very much had the legal expertise in relation to those and ... so what we were asked to do in respect to them, for example, I'll give you some examples of that week. So on that week we ... we gave some advices in relation to the legislation itself because that was continually in development. We did things like prepare step plans, for example, in relation to what ... how do you practically ... what practical steps do you take if you do nationalise? So what are the things you do on day one? And that's actually quite an extensive list. We also did things like helped, you know, draft the explanatory memorandum. All those types of things and also, as I said, contributed to the Act itself. On the collateralised lending scheme, we certainly had the expertise and, again, we were advising how that could be constructed to provide liquidity to the banks on a general basis.

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