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Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay, very briefly please because you are way over time, Deputy, and we're still missing some questions.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Sorry there is a phone interruption there ... on top of your ... it might be coming quite close by to you. Continue, please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Mr. McLaughlin.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: That, Joe, is confined to the membership of the committee when we go to the final proceedings. Thank you very much.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: I must push you now, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay, thank you very much, and I now propose that we break until 5.25 p.m., to resume then. Before I do that, however, though, I wish to advise the witnesses, and to remind them that once they begin giving evidence, their evidence, they should not confer with any person other than their legal team in relation to evidence or matters that have been discussed before this committee. With that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay, so can I propose that we go back into public sessions, is that agreed? Agreed. Okay, just one item there ... and can I address this to Mr. Beggs before we continue. Just to clear up some matter on the earlier document that I asked to be displayed there. It's that presentation we discussed earlier this afternoon, Mr. Beggs. It refers to you as John Beggs, chief economist, AIB Group....

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: You didn't write that slide so?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: All right, thank you. Deputy Michael McGrath, you've ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Thank you very much. The next questioner is Senator ... Deputy John Paul Phelan. Deputy, ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Senator O'Keeffe, ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Don't repeat past notes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Thank you, Mr. Beggs. Senator D'Arcy. Senator, you have ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Can I maybe just ask you one question, Mr. McArdle, is ... I think ... it was Mr. Sheehy, when he was here before us there from AIB recently, used the analogy of describing the regulator like a referee in a very competitive environment and the referee would needed to engage to maybe modify behaviour but if there is a riot taking place on the football pitch, who is engaged in the riot, the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Indeed, indeed. And I put it back to you, was there a riot on the pitch?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: But, may I burst all our bubble this evening? In different sports ... sports codes, there's different behaviours.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: In different sports codes-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: -----there's different behaviours towards the referee and in rugby it's probably the captain deals explicitly with the referee, that seems to be the mannerism of that. And in soccer, it's ... it can be the whole team, you know, going nose-to-nose and I've a certain member of ... or footballer, famous footballer from my own city that was quite famous for going nose-to-nose with referees....

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: But to your knowledge, in your bank, the players never went to the referee, did they?

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