Oireachtas Joint and Select Committees

Tuesday, 23 January 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Tracker Mortgages: Allied Irish Banks

4:00 pm

Mr. Bernard Byrne:

It is exactly the explanation we have provided, which is that at the time the banks were substantially, and certainly in terms of any marginal funding, funded by wholesale markets, which were providing funds to the banks at European Central Bank, ECB, rates. The collapse of those markets dislocation meant that the banks could not fund with the ECB anymore, so, therefore, it could not offer a product at that rate.