Politics

Timeline: Events on day of State bank guarantee

Brian Cowen, taoiseach at the time of the September 2008 bank guarantee. Photograph: Frank Miller/The Irish Times

Tom Lyons
Sat Apr 19 2014 - 10:30

Morning – Brian Goggin meets with Richard
Burrows in Bank of Ireland's headquarters in Baggot Street, Dublin 2.

Late morning – Seán FitzPatrick rings Richard Burrows requesting an "urgent" meeting.


Lunchtime – Brian Goggin and Richard Burrows meet with David Drumm and Seán FitzPatrick in Bank of Ireland's head office. Thirty minutes long.


Afternoon – Seán FitzPatrick rings Dermot Gleeson asking for a meeting. Gleeson declines.


Afternoon – Richard Burrows meets John Hurley, governor of the Central Bank, in Dame Street. Meeting is to ask Hurley to ask the ECB to extend the terms by which it will supply it with funding. Burrows tells Hurley about his meeting with Anglo.

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3.00pm / 4.00pm – Seán FitzPatrick and David Drumm (left) arrive unannounced at the office of economist Alan Gray. Meeting lasts 5 - 10 minutes.


5.00pm – Markets close and Richard Burrows and Brian Goggin discuss the day's events.


Late afternoon – Richard Burrows calls AIB chairman Dermot Gleeson. They agree to call the Department of Finance and Department of the Taoiseach.


9.30 pm – Meeting scheduled between AIB and Bank of Ireland and the Department of the Taoiseach and the Department of Finance. In attendance: Burrows, Goggin, Sheehy, Gleeson, Brian Cowen (the Taoiseach, above ), Brian Lenihan (the Minster for Finance, left ), Paul Gallagher (the attorney general), Hurley, Dermot McCarthy (secretary general to the Taoiseach), David Doyle (secretary general of the Department of Finance), Kevin Cardiff (assistant secretary of the Department of Finance), Eugene McCague (Arthur Cox).

Later that night – Tony Grimes (a senior official in the Central Bank) arrives when Hurley has to leave. Patrick Neary (the financial regulator) and Padraig O’Riordan (managing director of Arthur Cox) also arrive later.

Late night – AIB and Bank of Ireland leave the room to consult with their treasury teams about helping Anglo to the tune of €10 billion.

Late night – Brian Cowen rings Alan Grey to ask him his view on how the market would react if the government introduced a guarantee.

3.30am/4.00am - Meeting ends for the bankers.