Oireachtas Joint and Select Committees

Wednesday, 22 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Michael O'Flynn:

Sorry, the nature of business is: we owed money. Some of those businesses didn't actually need ... needed very little money. Remember, we ... we had a big ... you know, rental income. But the reality of the situation was, if you put companies on hold for one, two, three or four years you're not going to get a return from the businesses that are actually involved in that period and that's actually what happened. I mean, they definitely gave us ... allowed us do certain developments, as they saw it or certain pieces of development, as they saw it. But the overall plan that we produced to repay our debts was rejected. And that's ... that was a watershed moment for me-----

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