Oireachtas Joint and Select Committees
Wednesday, 29 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Alan Merriman:
Yes. It was ...we ... "Look, we have €200 million of local authority money from the UK maturing in two weeks' time, we're in daily interaction with those local authorities to ensure that we can retain those moneys or here's what we've got in terms of feedback, in terms of €50 million of the €200 million, is definitely going to be withdrawn. We're on our programme of our covered bank, we're four weeks away from having it fully implemented, at that stage that will accommodate another €2 billion of funding that can be tapped with the ECB, which we'll have by way of emergency cover." So it was very much that type of meeting.
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