Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Ah no, I think in relation to this particular matter, of course, in a crisis situation we had to come to a conclusion that evening, that night. And as I've said, I hope I've outlined in my statement, because I want to do justice to him as to what his position was, it was different to mine as I was outlining, and we chatted it out. And we came to the position we came to on the basis as I've outlined, that I wasn't ruling out nationalisation in principle. I was saying we'd have to have another look, a long look at that before we'd come to that conclusion, but that, clearly, we needed to have a comprehensive response and he agreed with all that. And clearly, you know, we were all learning from everyone else as this conversation was ... we weren't ... you know, there was no one going in saying, "I have the answer and no one else has the answer". We were grappling with a situation here which was very serious, and, as been said by others who attended, we came, ultimately, to a conclusion as to what we felt, on balance, on balance, with different degrees of enthusiasm as well - no one was enthusiastic, obviously - but different degrees of conviction, I suppose, what was going to be the best thing to do.