Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Joe HigginsJoe Higgins (Dublin West, Socialist Party)
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Okay. Just to move on to a different but related area, then, Ms. Nolan, on page 5 of your statement, yes, you said, "There was a great reluctance at European level...". We have moved forward to the October-November period of 2010, and approaching the crunch period and the so-called bailout, and you said, "There was a great reluctance at European level to allow the burning of senior bondholders." And that has featured here, but what is your understanding, why was there such reluctance, where did it come from and how was it conveyed to your Department?