Boi Chief Says They Did Not Feel They Needed Bank Guarantee

Boi chief says they did not feel they needed bank guarantee

The chief executive of Bank of Ireland says the bank did not feel it needed the bank guarantee on the night of September 29th, 2008. Richie Boucher is appearing before the banking inquiry today. He says the bank believed it was not in crisis on that night. "We didn't feel that we needed a guarantee in terms of the pressures we were facing on the markets" he said. "I think one of the things that we felt, and subsequently proved to have been correct, was that we had very significant collateral ourselves". "But I can't say in three (or) four weeks time if the markets had continued to be very tough" he added.