Oireachtas Joint and Select Committees

Wednesday, 2 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Michael Walsh:

I am sorry, I understand that completely. I mean, you probably have seen. There's an e-mail which Mr. McDonagh forwarded to, I think, Mr. Beausang the night, or sorry, the day before the guarantee. In that, you know, Mr. McDonagh's words are more or less - or, sorry, the words in the e-mail, to be precise, are that at this point in time INBS has €3 billion in cash, its outflows are - I think, that day - something like €20 million, and his assessment or the assessment in that e-mail is that we don't have a current problem, we may need to actually do something precautionary for December 2008.

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