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Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: No. Would they have agreed ... in effect, and I'm paraphrasing, I think the implications of what Mr. Honohan was saying was that we should have sought to liquidate the two banks and that that would create leverage and time to the extent that Europe may have come in to give support.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Was it considered on the night?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: I understand. Specifically, did Minister Brian Lenihan put forward this as a suggestion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Was, to your recollection, there any suggestion such as either nationalisation or allowing the banks to fail, as I said, overruled by the Taoiseach, if put forward by anybody?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Were you in the room for a decision as ... with ... with regard to the inclusion of subordinated debt?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: And did you feel that that was decided in your presence?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: So you felt, am I correct in saying, you felt it was important to include it, or not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Can you confirm or clarify was Minister Brian Lenihan in the room for that portion of the decision?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Did he leave?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: To your knowledge, did Minister Lenihan leave the discourse ... leave the building?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Okay. Nationalisation ... done that ... Can you discuss with us the advice that you would have provided as Governor of the Central Bank, that you gave to either Government officials, the Minister for Finance or the Taoiseach during the course of the evening on the options discussed? What was your advice, for example-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Was that just-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: That was 18 September.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: But we're now on the 29th------

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Did ... did-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Go on.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: So, having changed your view from the 18th to the 29th and during the course of the discussions and considered the scale and all of the events and issues you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: And did you recommend the guarantee, in that instance, to the Taoiseach and the Minister in their ... in .. in their role as officers of the State?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: Can you recall any dissenters?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Marc MacSharry: No, specifically to do with the decision now.

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