Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Susan O'KeeffeSusan O'Keeffe (Labour) | Oireachtas source

And so on that subject, it's DOF, I think it's the same, 03372-009.

I think it's the same document that we've just been looking at. This was part of the documentation that was given to Mr. Lenihan at his handover. Therefore, I'm assuming it was information you already had; you just talked about the short-selling. It was marked, "Highly confidential" and it was a note in relation to Seán Quinn and the Quinn Group and it talked about Seán Quinn being a major investor in Anglo Irish Bank, had entered into extensive contracts for difference and so on. It is understood that Seán Quinn is very significantly exposed in relation to CFDs and that he has transferred significant funds from within the Quinn Group, particularly the insurance component, to meet margin calls. And it goes on to say: "The Financial Regulator is actively pursuing the resolution of these funding issues but if not quickly resolved, there is a risk of an event of default with consequent ensuing publicity with potential for far wider implications."

So Mr. Cowen, I'm asking whether or not that was information that you had, that you knew about, and what were you doing at that time, given the seriousness of this document here?

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