Oireachtas Joint and Select Committees

Thursday, 10 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Marco Buti:

I cannot tell about the legal ... specific legal advice sought at the time by the Commission.

What I can tell you is what I indicated before, namely, that the institutional system and the legal system at the time did not foresee this in any regulated manner and that's why the risks involved in a unilateral decision on this were not to be disregarded, and, as I indicated before, the potential litigation costs could have been very high for Ireland, in particular, and, more generally, the uncertainty created for Ireland, the rest of the EU not negligible.

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