Oireachtas Joint and Select Committees

Thursday, 10 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Marco Buti:

Yes, I think, with hindsight, I would say that the blanket guarantee was something ... by covering, essentially, all liabilities, was very large - too large - and when we came to the decisions later on at the European level, as a whole, then it was ... the liabilities covered were smaller than the blanket guarantee. At the same time, I have to say, and I repeat it because I try to apply this, let's say, I have this conceptual reflex on not being excessively harsh now, with things that ... with the knowledge of the time, I think, I do not envy - I say it in my statement - those who had to make that decision at the time because it was, you know, in very, very difficult and dire circumstances.

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