Banking Inquiry: Five plans mooted to cope with a crisis from late 2007

The government’s chief legal expert during the crash has confirmed that officials were “constantly” discussing five specific ways to cope with crisis from November 2007 and knew the risk was “systemic” from April 2008.

The State’s former attorney general, Paul Gallagher, revealed the situation hours before ex-taoiseach Bertie Ahern claimed nobody told him the impending scandal was anything other than a liquidity issue before he quit.

Mr Gallagher, who was attorney general from June 2007 to March 2011, said that from November 30, 2007, there was potential crash “interaction” among government departments, ministers, and senior officials.