Oireachtas Joint and Select Committees
Thursday, 7 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source
If I can ask you just relation to Mr. Daly from ... from NAMA, who presented evidence to the committee. He gave an assessment and I'll quote you from ... from his evidence. It said: ''Few, if any, financial institutions wanted to be left out of what was seen as a profitable business due to the larger lender margins and the relatively low operating costs''. He went on to say: "In the Irish market up to 2007, there was far too much bank funding available and, ultimately, it found its way not only to a finite number of development projects which were viable, but also to many other projects which could be viable only on very heroic and often mistaken assumptions''. Did or did not Ulster Bank fund projects that in the words of Frank Daly could only be viable ... could be viable only on very heroic and often mistaken assumptions?
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