Oireachtas Joint and Select Committees

Wednesday, 27 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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Okay, okay. Can I ask you in ... you've mentioned ... in your opening statement, on page 4, you mention the problems surrounding ELA. If I quote from your statement it says one of the ... one of the ... with the use of ELA, one of the issues with the "use of ELA is that its use required a floating charge on banks' assets that needed to be registered at the Companies Office. New legal instruments were introduced in 2007 to avoid this issue." So, what were those legal instruments and were they used?