Oireachtas Joint and Select Committees

Thursday, 10 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Ajai Chopra:

I think I've touched on several of these. We have talked already a little bit about the issue of burden-sharing going beyond just junior bondholders. I have also talked a little bit about the issue of trying to seek greater stability of ECB liquidity support. In my written statement, I also touched on the issue of the pace of fiscal adjustment and the timetable for achieving the 3% deficit target under the excessive deficit procedure, so that was another issue. The issue of how to deal with the promissory notes and emergency liquidity assistance was recognised early on ... that this would have to be addressed, but it was not addressed at the start of the programme. That took some time to achieve, so in a sense that was parked for a while. There was the issue of, you know, how much should be set aside to support the banks, and we can ... I'd be happy to elaborate on that if you want. So there were a host of issues that were debated and discussed.

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