Oireachtas Joint and Select Committees

Thursday, 30 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Goggin:

Look, look, Senator, look, you couldn't guarantee ... I think I mentioned to Deputy McGrath earlier on, at one stage during the evening, in the early part of the evening, there was a suggestion that one bank be guaranteed, that one bank being Anglo Irish Bank. Now, picture the scene, Anglo Irish Bank gets guaranteed, nobody else is guaranteed. Where do you think all the deposits are going to end up the next day? There all going to be down in Stephen's Green, the rest of the banking system is in chaos. So you ... in asking for a guarantee it was in the context of the totality ... I think ... I think the reference here, I can't be certain, was in relation to the fact that Bank of Ireland, on its own, wouldn't have needed a guarantee. Look, the bottom line is, we did need the guarantee, if that answers your question.