Oireachtas Joint and Select Committees

Thursday, 30 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Goggin:

The primary purpose was to ... make sure that the Taoiseach and the Minister for Finance were actually aware of the gravity of the situation. Now, you know, when we arrived it was pretty obvious that they had been briefed, at what point I'm not sure, but they were pretty ... they were pretty much up to speed with the situation at that juncture. We were asked what we thought the Government should do. I was asked for input. My input was that the Anglo Irish Bank and Irish Nationwide needed to be dealt with, they were having a ferocious contagion effect on the system, and that, in that scenario, the rest of the banking system would need to be guaranteed, for a period of time, to give stability to the system.