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Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: In fact, Professor-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Can I ask you ... can I go back to the letter that Mr. Trichet wrote? I think you said in evidence to my colleague that you were aware of that letter. That's what you said I think, yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: So, knowing the position and sharing the opinion are two different things. Did the European Commission share that view? Because, after all, you were going to be in a troika together, you, the ECB and the IMF. Did you share the view that the ECB held at that time that that was the position ... that that should be said to Ireland at that time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: So putting pressure on Ireland in that way was the right thing to do?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Thank you, Chair. Mr. Noonan, if I might just ask for a couple of clarifications. Am I correct in understanding that Mr. Trichet hadn't been notified about your intent but that he learned of it or his officials learned of it and told him? It that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: When that conversation took place with Mr. Trichet, how long had you been the Minister?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: This was-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: So do you believe that that conversation which took place therefore only three weeks after you became Minister ... do you ... how, if at all, did that conversation with Mr. Trichet influence your relationship with him as it went on? Because obviously his language was strong, from what you've said, and you did back down.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: But how did that influence-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: When you came into office, obviously you were able to see any documents that you wanted to see, I'm sure. I'm just wondering whether or not you had the opportunity or the need at any time to find out whether there was any correspondence from Mr. Trichet around the time of the guarantee, because we've been unable to get clarity as to what happened at that time. You made a reference earlier...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: When you became Minister, and obviously as you've said you'd already been the finance spokesperson for a while when you became the Minister, what did you find when you went in? Was it considerably different to what you were able to understand from being the spokesperson relying on the media - relying on what you were being given, if you like - or was it pretty much as you anticipated when...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: No, I think perhaps I should qualify, Mr. Noonan. In terms of the level of the crisis ... because, you know, you can rely as a spokesperson and as a member of the public on what you're hearing and what you read and what you see on the television. Now you're the Minister with all the documents, with all the officials, with all the information. Did the crisis seem more serious, much more...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Was there a gap of information?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Susan O'Keeffe: Okay.

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