Cowen told NTMA to place deposits in Irish banking system in 2007 and 2008

Two instructions were issued in late 2007 and mid-2008 by the then Minister for Finance, Brian Cowen, to the National Treasury Management Agency (NTMA) to deposit funds in the Irish banking system, which faced serious liquidity problems at the time.

15th January, 2011

Two instructions were issued in late 2007 and mid-2008 by the then Minister for Finance, Brian Cowen, to the National Treasury Management Agency (NTMA) to deposit funds in the Irish banking system, which faced serious liquidity problems at the time.

The interventions were confirmed by the Department of Finance, and they followed legal advice given to the then NTMA chief executive, Michael Somers, that he should get written ministerial instructions before depositing funds in this fashion.

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