Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Derek Quinlan:

Sorry ... so these were not investments in Ireland, these were investments... We were involved with Deutsche Bank in the refinancing. They had fixed assets on their ... they had property assets on their balance sheet and, in 2002, Deutsche Bank, for the first time, I believe, in a long time, maybe in their history, lost money and the advice from their advisers to the board of the bank was they have to get rid of their property that was on the balance sheet and also to get rid of their private equity business because Deutsche Bank would have been famous for holding investments in companies like Mercedes-Benz, Siemens and other well known German companies. So they had to sell this property and we were involved in the refinancing of that.

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