Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Eugene McCague:

Well things weren't getting better, I can certainly say that to you and I think the general sense was that things were getting worse but the difference is there was so much catch-up for the likes of the advisers like Merrill Lynch who, in fairness to them, had only come in on the Wednesday and what was happening was a detailed analysis of loan books and no matter what resources you put into that, that's a slow and painstaking process. I don't recall at that meeting, maybe I'm ... not to mix up two stories. I don't recall at that meeting there being updates on liquidity, I mean, we weren't necessarily being told about liquidity. But to the extent that there was a theme or a tone around the meeting, it certainly was that things were getting worse and not better.

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