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Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Do not lead the witness. Ask the witness if that was appropriate but do not make a judgment yourself, Senator.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I will bring Senator Barrett in again later.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: No leading questions may be asked. Otherwise, the Deputy will be offside.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: On what the intentions were or could have been.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: The Deputy asked the question rather than saying what intervention-----

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Is that what Mr. Nava is saying?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Deputy O'Donnell-----

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: There are consequences on the ground.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: The Deputy asked a lengthy question, so I will give the witness-----

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I will let the witness respond, because the Deputy’s question was quite lengthy. Mr. Nava, please complete the answer. I will give you some time.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: The Deputy has four minutes.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I will bring the Deputy back in at the end.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I will give the Deputy time later. He will have a chance to come back in at the end of the session.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: On Deputy Murphy's point, is there a suggestion or a recommendation that the ECB needs be moving to a more micro-prudential examination in this regard?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Is it the Commission's view that the ECB will move towards a more micro-prudential examination?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I was going to let you move on with the single resolution fund but if you are opening a whole new line of questioning ----

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Fine. Proceed.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I want to round off something that Deputy McGrath raised with you, Mr. Nava. How much does the single resolution fund require to be operational?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: So €55 billion is the requirement of the fund. How much is in there at the moment?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: At present the fund would not be able to cope with a crisis if one were to happen in the short term. Is that correct?

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