Oireachtas Joint and Select Committees

Thursday, 10 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Ajai Chopra:

You know I think it’s best to think of this in the following terms. When pre-programme discussions about the elements of a programme, when those started, the guarantee was in place, its structure was well known, it had been replaced by the ELG whose structure was also well known. So these were taken as given. They were taken as a starting point. So I think it’s best to think in terms of those that have, you know, having been sort of baked in the cake already, and we just have to take that into account in the discussions and how that had consequences on when certain payments would fall due and so that’s how it was taken into account.

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