Oireachtas Joint and Select Committees
Wednesday, 22 April 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Brendan McDonagh:
No. There was one technical aspect which Mr. Cardiff asked me to go and talk to the Taoiseach about. The Attorney General and Minister Lenihan had left at that stage, which was basically around whether the guarantee applied just as an Irish entity or whether it applied to oversea subsidiaries. My technical advice was that overseas subsidiaries had also borrowed in their own name, and that it would be very hard to limit the guarantee only to the Irish operations and not to the overseas subsidiaries. People are linked to AIB as an entity, by and large, not just AIB UK or whatever the case is. That was the only technical thing. It lasted about 90 seconds. I left the room. Myself and my colleague, Mr. Whelan, left Government Buildings probably about, I do not know what time it was, 3.30 a.m. or 4 a.m. in the morning. I went off then to prepare for being ready for the opening of the markets at 7 o'clock.