Oireachtas Joint and Select Committees

Thursday, 2 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

You didn't, okay. But is it not the case, Mr. Cowen, that as a result of substantial lobbying by Irish banks, you brought in legislation which facilitated this over-dependence on wholesale funding? And what I'm referring to here, Mr. Cowen, is the 2007 amendment to the Asset Covered Securities Act which was lobbied by institutions such as Bank of Ireland, Depfa, Anglo Irish Bank, and which allowed Anglo Irish Bank, a commercial property lender, to access new sources of borrowings to fund the bank. And we have letters in the public domain from David Drumm to yourself, Brian Goggin in terms of the dinner that you'd had, that lobbied for this legislation.