Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pádraig Ó Ríordáin:

Well, the very first thing that we do is to see whether we're advising on the same issue, because if it's not on the same issue, then the issue doesn't arise so much. And then the priority always, obviously, is to inform both clients. So, what you would do in those circumstances, you'd go to both clients - so in this case the Government, or the Department of Finance at least, and the Bank of Ireland - and explain to each of them what you're doing, how you're acting in relation to that and what the client actually wants of you. And then if both clients, in those circumstances, agree that actually each of them is happy with that arrangement and the arrangements that are put in place to, you know, separate teams completely and preserve confidentiality and all those types of things, it's the client's decision then, or the client's choice, to go ahead on that basis. I think, in the type of crisis that we had, Senator, every firm would have acted ... would have been acting for other banks, it's just the nature of it. Because it would have been very difficult to provide the type of legal advice and expertise that the Department required if you'd never acted for any banks. So the inevitability would have been that any law firm would have been in a similar position. Therefore the key is, well, how do you handle that conflict and the very first thing in relation to handling a conflict is, obviously, informing fully your clients and making sure that they're aware and letting them choose.