Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Gallagher:

We were absolutely entitled to maintain it under the treaty. They couldn't affect it but people saw this as an opportunity, "You want a bailout, you need a bailout, and we're going to impose this as a condition." So, they could have said, "You will now agree to do this." And that would then have become a term of the bailout.