Results 23,361-23,380 of 35,959 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Well, you were shut out from the markets and shut out from the ECB at that stage. When did Nationwide ... when were Nationwide shut out from the money markets?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: We've seen details, or I've seen details, that suggest that it would have been in the first quarter of 2008. Would that be in line with your view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Okay. Given the fact-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Okay. Given the fact that you were shut out to the money markets from about September or, sorry, from about March 2008 'til this period I'm talking about now, in September, and you mentioned that liquidity was a serious problem, you know that in the next 12 months, in 2009, there was about €4.8 billion of a roll-over on the markets. How were you going to cope?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: You were the only Irish bank that were shut out from the money markets and the ECB at that time, just for the record.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Do you believe that that might have been what prompted the Government to start preparing legislation to nationalise the building society around that period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Okay but, yes, that was the major risk and the Financial Regulator understood ... accepted that as well. Can I ask ... you mentioned in your statement that you were also involved in IT systems and development of IT systems and this is an area that came under criticism from the internal audit report, I believe. There is mention in terms of the IT systems. Can you just clarify this for once...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: But, like, I'm thinking ... I'm sure you've been in with like his office on many occasions. It's usually .... one of the most notable things you will see on anybody's desk is a computer. But in terms of a bank, and you’re looking at the reports, and you’re looking at all of the stuff, obviously, you’re looking at it on a screen. Was there ... you know, you were, sorry,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: We’re not talking about a corner shop here.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The point I’m making is, in terms of the systems - and this may seem a bit trivial and all that but I actually think it's not. Right - in terms of the systems, because you mention you were in charge-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: -----of IT systems.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: We’re not talking, as I was saying, about the wee corner shop, you know, that’s selling a couple of loaves of bread and a couple of pints of milk at the weekend. It is a €16 billion enterprise, where Mr. Fingleton ... report after report is saying - we know he was the chief lender - but report after report is how he was heavily involved in all aspects of the bank. Can...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Mr. Purcell, what do you say to those who accuse you of being Mr. Fingleton’s "Yes" man?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: You don’t agree. In your view-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: -----and in your knowledge, from being there, from being secretary, from being chief financial officer, was ... had ... did Mr. Fingleton ever sanction a loan or ask somebody to provide a loan to an individual without it first going through the credit committee approval process or the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Are you aware, as we've seen in the Deloitte report, an internal report, where loan applications were actually made after loans were advanced to the customers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Could I just ask this because you sat on the board? So one of the findings was, in Deloitte, that Mr. Fingleton was the individual who extended Stg£10 million of a loan on his own say, nobody else, and this was also backed up in terms of the independent internal review.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: When those findings were made, did the board investigate these findings and clarify whether that was the case or not, or did you just say, "That was a nice read and let’s move on to the next item on the agenda"?