Oireachtas Joint and Select Committees

Wednesday, 27 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Tony Grimes:

I think the answer is that we had red lights from many institutions from time to time. I wasn't aware of that particular instance because sometimes, the collateral they bring to market can vary, as they get more collateral into ECB-conformable styles. So the fact that they wouldn't have enough collateral at a point in time doesn't mean that, a few weeks down the road, they couldn't convert other assets into a format that would become ECB-compatible.