Oireachtas Joint and Select Committees
Thursday, 2 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Brian Cowen:
No, that wasn't the basis on which this happened. I mean, we brought forward legislation ... I can't recall the detail of it now, I don't have it in front of me, but ... it was always about trying to ensure the widest possible market access to funds by Irish banks - that's a good thing. One of the problems is that, when the international liquidity crisis hit, it hit every category of fund and therefore, whereas if you had a diverse source of funding mechanisms and one or two get into trouble, you can compensate by having access to other funds. So the, any financial legislation that we introduced was, as we believed it to be in the public interest to have the maximum number of liquidity channels available to Irish banks as possible. And that stood on its own merits, nothing to do with, it had nothing to do, Chairman, with a dinner here or something else there, that's just-----