Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pádraig Ó Ríordáin:

Well, Senator, the point I'm making in relation to the €6.1 billion, is just the legal impact that nationalisation had, so the legal impact that nationalisation had, all that that did essentially was the State took ownership of Anglo at the time. But the point I was making is that actually the State was already on the hook for Anglo, from the time of the guarantee, essentially, so therefore in, in nationalising Anglo, it wasn't taking on any more liability. But, certainly, I mean, my recollection of the early days was clearly it wasn't known that there was going to be a €30 billion gap.

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