Oireachtas Joint and Select Committees
Thursday, 23 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source
No, my recollection is something similar. I mean, I think rumours were coming through the night before that there was going ... there was pressure, that the banks were in serious difficulty and that something might happen and so I think the following morning Brian Lenihan phoned to say the Government was making this decision and, obviously, there was ... he was setting up briefing and debates and so on. So, you know, I think at that stage, clearly, one of the things we'd seen with Northern Rock, the fear of a run on the bank where, you know, even if you have a sound bank and there's a run on the bank and people want to take out their deposits, it can bring down even a sound bank, let alone banks that were, as subsequently proven, not sound. So, clearly, you know, the ...a run on the bank would have been a very serious issue and I think that was the context within which it was presented as a-----
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