Oireachtas Joint and Select Committees

Tuesday, 10 March 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Mr. Simon Carswell:

I think my knowledge of it at that point, prior to the letters being released, was that practically I just do not think the European Central Bank could have withdrawn funding, but it could have used that lever to increase the cost. If you increase the cost of funding to the banks they have to pay it and they could not afford to pay it, so that would have caused problems.