Oireachtas Joint and Select Committees

Wednesday, 22 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brendan McDonagh:

No. To be frank with you Deputy, a lot of options were being considered in terms of providing ... because people, there was this view that the banks had a liquidity problem not a solvency problem. There were lots of discussions going on, including on that Sunday, the day before, which was basically talking about would the NTMA provide additional funding to the banks. We already had some bank deposits with the banks and things like that, but there was no substantive discussion about the bank guarantee. The first I heard that they had decided the bank guarantee, had guaranteed the banks, was about 1 o'clock in the morning when we were told and that's the way it was.