Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Well, as I say, it was set up specifically as a crisis management group, if you like, in the event of a member state stating that there was a serious financial stability incident about to occur and you needed to exchange information on a confidential basis with the various institutions. We had gone past that point at that time, by the time that was set up, and, I'm afraid you'd have to ... you'd have to ask someone like Mr. Cardiff as to what interaction there may have been thereafter. But, I just know that it was an effort to improve co-ordination where clearly an absence of co-ordination had taken place before, when everyone was dealing with their own crisis as best they could, in their own way.