Oireachtas Joint and Select Committees

Thursday, 2 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay, Mr. Cowen I'd like to ask you in relation to the share price collapse in March 2008 and the fact that the Irish Nationwide Building was frozen out of wholesale markets and ECB funding at the same time, and the widespread knowledge that was there in the financial markets of the over-exposure to Irish banks to commercial property. So given those three factors, were you aware of those three factors, first of all is the question, were you aware that there was a financial institution in the spring of this year, 2008, that was frozen out from wholesale and ECB markets? Were you aware that the share price had collapsed in Anglo Irish Bank in March 2008? And were you aware that there was widespread knowledge in financial markets of the over-exposure of Irish banks to commercial property, and particularly, certain institutions?

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