Oireachtas Joint and Select Committees
Tuesday, 7 July 2020
Special Committee on Covid-19 Response
Impact of Covid-19: Overall Fiscal and Monetary Position
Mr. Gabriel Makhlouf:
We have been looking very hard at the banks' balance sheets and asking ourselves those sorts of questions. As I said in my statement, the financial systems entered this crisis in a much stronger position than the previous one and they have shown themselves to be resilient. The big unknowable, and I use that word advisedly, is what a second wave would look like and how deep it would be. We published a particular scenario on Friday. The system is resilient but that resilience is not unlimited.