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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