Oireachtas Joint and Select Committees

Wednesday, 27 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Tony Grimes:

Yes, if we go back to the date of this, it is October 2007. I suppose it was the very start of the contingency planning that was taking place both within the bank and as part of DSG. And ... I think this would have been one of the first documents to have been used in the committee. And what it's actually trying to do is set out the options. At that stage, it was no more than setting out the options. But just the context of course is, it was following on the Northern Rock episode which occurred in September 2007. So, authorities everywhere were on I think higher alert I think following that incident. So, this is the contingency planning episode that followed that. So, it's setting out the options which were there. I think it shows that contingency planning by the authorities begun as early as, you know, autumn of 2007.