Oireachtas Joint and Select Committees

Wednesday, 6 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

Okay. I appreciate that.

In March 2008 ... on 15 March on the RTE "Marian Finucane Show", a developer by the name of Mr. Dunne spoke on the radio show. And the contents of that interview made its way into a Sunday Tribunearticle by Justine McCarthy and I want to just refer to what was referenced there. It talked about Mr. Dunne was at the time in Thailand with his wife and young son in late July 2005, with just seven days to secure financing before signing the purchase contract for Ballsbridge. This is the quote: "I phoned up a very good friend of mine, Richie Boucher. He's now deputy head of Bank of Ireland," Dunne remembered. "And, after about Wednesday, Richie said, 'Seán,' he said, 'if I was trying to borrow the money you're trying to borrow, I wouldn't stay in Thailand. I'd come back to Dublin.' So I thought that was good advice, even though I wanted to stay in Thailand with my wife and son." Dunne goes on to say that he flew back immediately, landing in Dublin on Thursday night and this is the quote: "I went straight from the plane to a meeting. I spoke to Bank of Ireland. I spoke to Irish Nationwide and Paul McDonnell in Ulster Bank," he said ... and then, "That Friday night, at nine o'clock, Ulster Bank walked through the door of my office and ... they produced the letter for the full purchase price. The contract was signed the following Wednesday." Is this typical of how Ulster Bank provided loans in excess of a quarter of a billion euro?