Results 25,661-25,680 of 36,066 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: You weren't involved in any joint ventures with any property developer?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Sorry, so you would benefit from property development?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay, I appreciate that. Can I take you to the question in relation to how the bank reconciled the level of lending on the property and construction sectors while being in breach of regulatory prudential lending limits for the sector? This is from July 2006 onwards; the reference to this is in the minutes of the board meeting on 27 July, AIB B2, Vol. 1, page 6, where it's clear that you had...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Sorry, we're well aware of the minutes and, because of time, we're not going to read the minutes into the record. Just, your bank was in breach of regulatory minutes ... or regulatory limits in terms of concentration to property lending in 2006. How do you reconcile that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: I appreciate that, and you've made that point. Time is ticking on; I'm sure my colleagues will take up some of these issues. Can I take you to 7 September 2008, Mr. Gleeson, and this is AIB C3b, Vol. 2, page 41-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: C3b, Vol. 2-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: It's in page 41 to 43. It's the minutes of the board meeting of 7 September 2008. In this section ... in the minutes, when the minutes record Irish financial market, Mr. Sheehy talks about an Irish financial institution called "the institution" in the board minutes. To which institution is he referring?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: It is.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Vol. 2.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: It's on the screen there now for your convenience. So, in relation to these minutes, in relation to the Irish -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Yes, what is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: In the recorded minutes ... the minutes record that Colm Doherty and Eamonn Hackett of AIB had a meeting with the Financial Regulator on Saturday, 6 September 2008. Also in attendance were senior representatives of Bank of Ireland, as well as the company secretary and treasurer of what we now know was Irish Nationwide Building Society.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Do you recall these events or discuss -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: The minutes of 7 September report Mr. Doherty as saying: "The funding profile of the institution [which is Nationwide we now know] was weak, and it was unlikely to be able to refinance funding that was maturing periodically over the ensuing year, commencing in December 2008." It goes on to say, "The quality of loans was suspect and could require write-downs ranging from a benign 13%...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay, and the minutes report that Mr. Sheehy told a representative of the Financial Regulator that, "...it was his [Mr. Sheehy's] understanding that the institution's loan portfolio would required (sic) to be written-down substantially, and, accordingly, that if AIB acceded to the FR's request, AIB would, in due course, probably have to incur a write-downs (sic) of €1bn on the funding...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay, and Mr. Gleeson if a bank had to write down its loans of 50%, which, based on what you're saying, is AIB concurred with this situation, would that not make that bank insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: So, three weeks before the guarantee would I be correct in saying that AIB had a view that Irish Nationwide was insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay, okay. And your view in relation to Anglo Irish Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: I will move on to something ... again going back to the night of the guarantee. Mr. Gleeson, your colleague, Eugene Sheehy, in notes of events occurring on the 29 and 30 September 2008 ... and it is again in book of evidence AIB C3b, Vol. 2, page 38. I will quote the section for your attention ... said that, in relation to the original Government draft announcement on 30 September ... and...