Oireachtas Joint and Select Committees
Wednesday, 1 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Michael McGrath (Cork South Central, Fianna Fail)
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Okay. And what was your view of the first letter received from Mr. Trichet then in the middle of October 2010 where, effectively, he's saying, "Look, you can take this extraordinary level of ELA support for granted." And he's quite explicit, and of course we know where all of that let to eventually. But what was the view within the Department of the ELA being highlighted in that manner and the way in which it was put by the ECB?