Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Well, I know that the domestic standing group were looking at, for example, when I was talking about the 1954 Act and looking at power, did the Minister have sufficient powers to do this, that or the other. And one of the things that came out of that was that you wouldn't use the 1954 State Guarantee Act for a systemic guarantee, if that were ever required; that you'd provide legislation specific to what it is you were doing and you'd incorporate that power into the Act and the Dáil would vote it up or down, whatever. So, that was a ... if you like, part of the ... where they were looking at legal issues, what ... what ... have we enough powers to do whatever we want to do in any given circumstance? Similarly, they were preparing legislation, as you know, for State protection. Similarly, they were looking at asking the ... would there be a question of the NPRF money ever being used, if needed, as a, sort of, a fighting fund. The NTMA were being asked to get involved and put their tuppence worth into the arguments.