Oireachtas Joint and Select Committees

Thursday, 30 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Mike Aynsley:

No, I don't think so. The initial discussions I had prior to joining the bank and then after I joined the bank with the Minister for Finance, the late Brian Lenihan, were very much along the lines that the preference the State had at that point was to repair the banking system, repair Anglo. It was in the early days and they believed that Anglo would remain as a systemic part of the financial sector. So, the view was to convert the stub of the bank or not the stub of the bank or the cleaned up entity into a bank that focused more broadly on business banking and SME banking. But, you know, as I said, as the markets developed and deteriorated, it ended up not being possible. So, I think then it became a matter of how do you move it to ultimate resolution and in what timeframe and that was really the subject of the ultimate pieces of work that resulted in the final plan and subsequent liquidation.

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