Banking Inquiry: State bailout was mooted ‘as early as October 2008’

Senior Department of Finance officials made “discreet” inquiries about how Ireland could enter a bailout as early as October 2008, the banking inquiry has heard.

The department’s former secretary general Kevin Cardiff revealed the situation during his second meeting with the inquiry, in which he also confirmed draft plans on exiting the eurozone were drawn up by Government – a claim he previously denied.

Speaking during a detailed meeting on the November 2010 bailout, he said officials were already thinking about troika help after the September 29, 2008, bank guarantee.