Oireachtas Joint and Select Committees

Wednesday, 17 December 2014

Committee of Inquiry into the Banking Crisis

Context Phase

2:30 am

Mr. Peter Nyberg:

I think the Commission report is quite clear on that, even though it might be a little indirect. The people around the table on that night were concerned with what would happen once the market opened on the next day. Their concern was to find ways of ensuring that when the market would open, banks could open their doors, could provide depositors with their money, could provide loans to their customers and could fund themselves both in the domestic and larger international market in a normal manner. The risk they tried to avoid was the situation where nothing of this would have been possible, where in effect, the banks could not have honoured their depositors, where they would not have been able to give any loans and they would not have received credit from anybody else but the Irish Central Bank.