Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Gallagher:

Yes, I believe that was so. I think there was ... the Government was in the difficult position that the statement it issued the following day before the markets opened had to be very careful and very precise and it had to achieve the objective which was desired to be met, namely to protect the banks. It, therefore, had to ... and you'll see it's a very measured statement, because it didn't want to create uncertainty; it didn't want to create a lack of confidence in the very banks that were being guaranteed. And, yet, there was a concern not to say anything that might have market implications and that was a very fine line that had to be tread and I think that the ultimate statement that was issued actually achieved that very difficult objective.