Oireachtas Joint and Select Committees

Thursday, 3 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. David Gantly:

Well, as I said in the opening comments, we would have held a liquidity portfolio which was typically of very very high quality, didn't go below, sort of, single A. The bulk of it was triple A rated. It was sovereigns. But, as part of that portfolio we did have an exposure to Icelandic banks, I suppose, which back in 2006-2007 had been rated triple A. So that was ... I mean, the purchase of those was within the terms of the credit guidelines that we actually worked within treasury. And, essentially the crisis ... Iceland decided to default and, to the best of my knowledge, the full €92 million was written off.

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