Oireachtas Joint and Select Committees
Thursday, 14 December 2017
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Paradise Papers (Resumed): Allied Irish Banks
9:30 am
Ms Helen Dooley:
The directive requires banking groups like ours to have a holding company at the top of the group separate from the entity which will conduct the banking business of accepting deposits and the giving of mortgages. It means that in the future, if there ever is another crisis or banking failure, the holding company is where debt will be written off or converted into equity. Ordinary customers at the level below will be safeguarded as a result.
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