Oireachtas Joint and Select Committees

Wednesday, 22 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

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

Now, Mr. McDonagh in his evidence said when the NTMA became involved in mid September 2008 as the crisis was now becoming a crisis, he said:

[It was really] it really was a bit mind-boggling, certainly to me and I think certainly ... the same with my colleagues ... that there seemed to be no real knowledge of the banks. There's one or two people on each bank. [This goes back to the financial regulation of the banks.] When I was asking questions we couldn't ... get the information ... the information couldn't be answered.

So he was, if you like, coming in as a ... pretty much as an outsider. Did you have any knowledge that, if you like, if you were to ask any questions of people working in the Financial Regulator's office about the state of the banks that information wasn't forthcoming? Was that anything that you were ever aware of?

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