Banking Inquiry: Press release drafted six hours before guarantee

A draft government press release announcing a blanket bank guarantee was drawn up a full six hours before the deal was even agreed.

A senior official with the Department of Finance at the time confirmed the situation during the latest meeting of the Oireachtas bank inquiry yesterday.

Responding to revelations from Labour senator Susan O’Keeffe that department officials received an email from the Central Bank at 9.11pm on September 29, 2008, outlining the deal, then assistant secretary general William Beausang admitted this was the case.