Oireachtas Joint and Select Committees
Wednesday, 2 September 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. John Stanley Purcell:
Yes, at that time we had between €3.5 billion and €4 billion in liquid assets and our liquid assets were liquid. I mean, they were readily available. They were short-term deposits with large European banks. However, the initiative as regards the stand-by: it came from the Financial Regulator and the Financial Regulator came up with the idea, probably in the light of the threat to liquidity and the threat of maybe increased withdrawals as a result of the Reuters report.
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