Oireachtas Joint and Select Committees

Thursday, 23 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Joan BurtonJoan Burton (Dublin West, Labour) | Oireachtas source

Yes, and the opportunity for the savings, Mr. Chairman, was to have taken action an awful lot earlier, particularly given the warning that Northern Rock constituted one full year in advance. One full year in advance. But, at the time of the guarantee, for example, the Government ... the then Government, had no resolution legislation in place and the guarantee was sprung overnight. There was a, you know, a midnight ... through-the-night meetings in which the decision was made. We woke up the next morning to be told about it and it was a fait accompli. So what Deputy McGrath is actually asking is: did I agree with the bank guarantee? No, I didn't. Could it have been done better-----

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