Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pádraig Ó Ríordáin:

I think I can, Deputy, on a factual basis, so I'll avoid giving our advices in relation to the matter. But on ... basically, when the IMF came in at the beginning, they very much were focused on burden-sharing with senior bondholders and I think that they saw that - at least the teams that I interacted with - saw that as being an integral part in the overall approach in solving the problem. So we did have some meetings with the IMF in relation to that and the ... there was an IMF ... a lawyer that the IMF had used previously in relation to exactly this work called Lee Buchheit, from Cleary Gottleib, who was brought in and, actually, he gave advice over a day or two, in respect of, you know, how this had been done elsewhere, for example, in Latin America and various other places. So, certainly at that stage, it was quite a focus of the IMF. From my perspective then, that disappeared back into a policy discussion and then it came back from the troika on the basis that there wouldn't be any burden-sharing with the ... with senior bondholders.

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