Oireachtas Joint and Select Committees

Wednesday, 9 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Alan Gray:

I did not give a precise timeframe but I said it should be as short as possible, and I had in mind the fact that it was probably about exactly a year previously when Northern Rock went bust that the UK Government - and, I think, very wisely - did not say, "We'll give a guarantee for five years." They said, "This is a temporary guarantee to deal with an exceptional period of financial turbulence."

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