Results 23,121-23,140 of 35,959 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: So when agencies and those who advise investors were saying "sell, sell your shares in Anglo Irish Bank" as early as January 2008 because of the exposure, overexposure to commercial property and then seeing what was happening in the market and what was likely to happen in the future, how did the board respond to that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: But you were being downgraded in early 2008-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: -----as a result of overexposure in property. We had the Financial Timesarticle, for example, in around the "St. Patrick's Day massacre", talking about Anglo Irish Bank being in the same boat as some of the other banks that had gone bust and run into trouble. So this wasn't a secret kind of conversation that was happening between the numbers. There was openly people ... large institutions...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: What strategies did the board put forward to address the downgrades that were happening at that time, in early 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: Mr. McGann, we have seen evidence at this committee and ... you know, in terms of where all the banks seen themselves post-2008. It was a presentation, I think, either to the Central Bank or to the Department, and Anglo Irish Bank stood out because they expected to lend more during that period. They believed they were going to be highly profitable and so on and so forth. We have heard...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: Do you regret not recognising at that point in time that the model may have been broke?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: In relation to the St. Patrick's Day massacre, can you inform the committee as to whether this was discussed at board meetings and what were the issues raised by the drop of Anglo's share price?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: Would you accept that while the St. Patrick's Day massacre was the most dramatic fall in share prices, that your bank was taking a bludgeoning for the previous number of months, right back as far back as 2007 in terms of share drops?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: Okay. Can I go back to the point you mentioned in terms of the, the Druids Glen outing? And you said that the meeting took place in Fintan Drury's house. Is that house in Druids Glen?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: No? Where was that meeting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: No, well, you see, it's important because we have not been told that ... up until now, and the public hasn't been told that there was a private meeting in a residence, despite this being a matter of public discussion since 2011 at least. There has been never a suggestion that there was a meeting in a private house off Druids Glen.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: Okay. The agenda for the meeting ... can you furnish the agenda to the meeting to the committee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: It was not saved on your computer.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: We were told by Fintan Drury that you actually drew up the agenda for the meeting and brought the agenda to the committee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: Sorry, my apologies, my apologies. We will check that with Alan Gray when he comes in. You don't have ... you don't have a copy of the agenda.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: And in relation to the meeting that took place, Alan Gray had made previous ... previous statements in relation to the meeting in terms of how he joined Mr. Cowen and Mr. FitzPatrick for dinner afterwards, and that has been the impression, the public impression up until now; that it was a golf outing and then dinner. Now we learn that there was actually a private meeting in a private...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: -----and made the point that you joined the Taoiseach after the golf outing, and it was held in public and it was not in any private corner? Why did you not challenge that and say ... and explain that actually there was a private meeting held behind closed doors, not even in Druids Glen complex, as we were all led to believe, but in somebody's private residence, that discussed these matters?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: We did query the sequence of events. We asked Mr. Drury to ... I asked Mr. Drury, in particular, to correct me if I was wrong and I ... I suggested that he explain to this committee that there was a meeting beforehand either in the foyer or upstairs in a private room. We were not told that it was off-site in a different ... in a different residence. But Mr. Cowen in his evidence didn't...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: Well I'm not making a judgment-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Pearse Doherty: I'm actually just ... for example, can I ... the reason I ask you to challenge this is ... the perception is that there was a social outing - this is from the Taoiseach in the Dáil:We were joined that evening by Alan Gray, an economic consultant, Gary McGann, the chief executive of Smurfit Kappa, and my Garda driver, who also attended the lunch. These individuals came for dinner but...