Oireachtas Joint and Select Committees

Wednesday, 9 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Alan Gray:

So the only other strategic option - which is in the board minutes that I shared but is under section 33AK - was to provide a bond to ... a State bond to provide credit to the banks, which would've been effectively a guarantee. When there was a discussion on that, they indicated that that would have a particular risk for Ireland's credit rating, and I did not get the impression that it was being seriously considered.

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