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Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: -----you know-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Was it-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Was it pro-cyclical?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Is that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Tánaiste, is that a seven-minute way of saying "Yes"?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Okay. Tánaiste, can I just take you to the events around the bank guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: And you deal with this at length in your witness statement and you state that the Labour Party stood alone in opposing the bank guarantee. When the Bill was initially introduced in the Dáil on 30 September 2008, it passed Second Stage without a vote. The Labour Party didn't oppose it at that stage. The issues you put on the record in your Second Stage speech and by the then ... and by...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: But can you clarify-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: -----what you were advocating-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: -----at the end of September?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: What were you advocating?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: No, on the immediate and severe banking crisis at the end of September 2008-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Michael McGrath: -----what were you advocating?

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