Oireachtas Joint and Select Committees
Wednesday, 29 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Alan Merriman:
Well, it wasn't 61% or 62% or 63%. But, equally, in EBS's case, the other banks only transferred loans that were greater than €5 million. There was a special case for EBS. The entire books were transferred. So you are not comparing apples with apples. And if you look at the €2.5 billion that Fergus himself testified about; where he talked about that they had to deleverage €2.5 billion and it ended up with a write-off of, I think he said, €500 million. The aggregate discount of those two taken together is less than 30%. So I would say that objectively, the facts demonstrate that the EBS business wasn't any worse than what was being done in the market.
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