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Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay. Were you in charge of non-retail deposits as well?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Even when you were - your title was head of retail deposits - you were in charge of non-retail deposits?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Just to clarify, on top of the €51 billion of retail and non-retail, then there were interbank deposits of €20 billion. That wouldn't have fallen under your area.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Was that under treasury?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: So, talk me through the scenario where at the end of September 2008. If Anglo had collapsed or had been allowed to collapse, how would this have worked itself out? You had €51.5 billion of customer deposits. How much cash should you have on hand? If the bank collapsed, how would it have played out?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Your opinion is all I'm asking.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: You know, you were in charge of all the deposits.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: If the bank didn't open its doors in early October 2008, how would it have played out?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Yes, if the bank collapsed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: So the State would have had to pick up the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: And that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: That figure ... that sum would have run into several billion, which the State would have had to pay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Yes.

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