Oireachtas Joint and Select Committees

Wednesday, 29 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Ms Mary Harney:

No, I accept that. There would have been discussions amongst many of us about the emerging global situation, both with the Minister for Finance, with the Taoiseach and with others. It wasn't that we were oblivious to what was happening, I can assure you. Everybody was very much on alert. We knew the situation emerging in the banks was serious and my recollection of the meeting of 28 September is that at the very end, the Minister for Finance told us that the emerging situation in the banks was serious. The Minister sat beside me at the Cabinet, so I just want to be certain, because Mr. Gormley doesn't remember that, I might be confusing a private ... a conversation he had with me but I'm fairly certain he actually told the wider Cabinet. But I remember, on that evening, he was very concerned about the emerging situation in the banks from a liquidity point of view. There was ... even from anecdotal evidence, I knew people myself that were talking about going to take their money out and then there was a radio programme and so on, so there was a lot happening very quickly. But if the purpose of your question is to ask us were we mindful of what was happening in the international marketplace, we certainly were.

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