Oireachtas Joint and Select Committees
Wednesday, 8 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Brian Cowen:
Yes, well as I was saying we had ... the Attorney General was very much seised of that question, both on the night and the next day and we got together some expertise to help us to put the case as to why we believed this was proportionate for the serious disturbance that had occurred and that we were under ... whatever it is, Article 87.3 ... that we were within our rights to do this given the magnitude of what was facing us and that it was proportionate and that we had ... and we had some advices that charging a fee, having a time limit and all of this was helpful. There were other cases where the Germans had sought to protect or to guarantee a bank earlier, not immediately earlier, but I read documentation on it where they weren't able to get the approval through because they hadn't put a time limit on it. So we ... and in fairness, we made the application and we met any concerns they had.