Oireachtas Joint and Select Committees

Wednesday, 18 February 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Dr. Donal Donovan:

It is discussed quite a bit in the preceding page, page 182, but let me briefly summarise it. Mr. Somers, the former chief of the NTMA, has put all of this down on public record and what we do in that part of our book is simply summarising it. I hope my summary is accurate. For the record, it is probably better to refer to the actual chapter and page.

Basically, what was happening was that the NTMA, it appears, was coming under some pressure or encouragement - whatever the right word might be - to continue to place some of its deposits with Anglo. If I recall, it was a relatively small amount, more like €50 million or less. It seems that the NTMA had some reservations about some of the operations of Anglo. Mr. Somers has explicitly spoken about this.

I am sorry, am I all right, Chairman?