Oireachtas Joint and Select Committees

Thursday, 21 June 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Matters Relating to the Banking Sector: Allied Irish Banks

9:30 am

Mr. Bernard Byrne:

I will comment and Mr. O'Keeffe might come in at the end. The Chairman referred to the request for an amplification of the judgment. The judge indicated that the decision made was not in dispute with respect to the final determination of the matter. A reference had been made to the Asset Covered Securities Act 2001. The judge stated she did not need to revisit her judgment because, effectively, that was not central to the matter and she had not given due consideration to it and would not give consideration to it as there were other cases that somebody else could choose to take if parties wished to have that matter determined. She indicated that what she had considered in respect of the matter should not be seen as a considered opinion on the topic. Therefore, she was not revisiting the decision. This is only a preliminary view but the decision yesterday does not increase or change the issues associated with it. We need to consider the position. The determination made yesterday does not undermine any of the positions we have.

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