Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pádraig Ó Ríordáin:

Well I'm ... I'm not sure in what exact capacity he was there. He was there as simply somebody who had done this in other countries. He was there I would say quite briefly in relation to this, so we, we had, we had worked out - and I don't want to get into advices for example here - but certainly in terms of burden-sharing the legal structures would have been available in Ireland to do that. And then a lot of ... a lot of it was actually about well, how do you deal with the bond markets in respect of this and, you know, those types of issues. And Mr. Buchheit advised on those but, as I say, over a relatively brief period and that was the period that I mentioned earlier where the IMF were still focusing, at least to my ... in my experience were quite focusing on burden-sharing with senior bondholders.

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