Oireachtas Joint and Select Committees

Thursday, 30 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Mike Aynsley:

It depends at what time you're talking about, like all of these things. And I think what Mr. Dukes says is 100% valid. One way of looking at this is if you think of the discussion we had earlier around the systemic importance of Anglo. One of the reasons was the level of deposits that it had, both domestic but largely international. So, if you go back to September 2008, their customer accounts liabilities were running about €52 billion; March 2009, they'd dropped to €34 billion; December 2009, €28 billion; by the time we got to December 2010, they were down to €11 billion. So, what you had ... two things happening. You had a flight of deposits out of the country, and this was just not impacting on Anglo, it was impacting on every Irish bank, and that was the reason why you saw this very substantial growth in ECB funding.

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