Oireachtas Joint and Select Committees

Thursday, 30 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Goggin:

Yes. The basic reason for that, was that Bank of Ireland relied extensively on the wholesale funding markets, in particular ... in particular, the residential mortgage business that Bank of Ireland acquired and developed in the UK, with the original Bristol & West acquisition. That business, which had about €30 billion equivalent of mortgages, was entirely funded through the wholesale markets.