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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Did he take control of the cheque book?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Okay, within a year, had some €8 million debt been recovered by the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: In the region of €2 million debt was transferred to Cerberus.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Why?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Does Ms Lavin expect that Cerberus will appoint a receiver or a liquidator at this point? Are the properties functioning businesses or are they stand-alone empty vacant properties at this point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: What about the impact on your life and that of Mr. Cullen? I note that Mr. Cullen lost his brother. I presume that the business ran into hard weather from 2008-2009 onwards? Will Ms Lavin describe the effect this experience has had on them in terms of their personal life and that of their employees?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: With due respect, I do not think that Jackie Lavin and Bill Cullen would be regarded as naive.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: How long had the business been customers of Ulster Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: That is the bones of nearly 20 years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: The law firm Mason Hayes Curran were appointed by Ulster Bank. Did they interview Ms Lavin?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Were Ms Lavin and Mr. Cullen part the five?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: How does Ms Lavin regard that report?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Has the Central Bank been in contact with Ms Lavin and Mr. Cullen regarding the Global Restructuring Group Ireland, GRG?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: What was the reply?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Do Ms Lavin and Mr. Cullen welcome the Central Bank getting involved in carrying out an investigation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Let me address a question to Mr. Ó Muilleaneoir. I am a great advocate of the credit unions. The credit union is in every town and village. Prior to the crisis, I was in practice, as I am a chartered accountant by training and if the credit union movement had not looked after the SME sector in the previous ten to 12 years, many small businesses would not have survived, particularly in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Why not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: Would ten credit unions coming together have the financial wherewithal to establish a bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: So Mr. Ó Muilleaneoir believes the credit union movement would, dare I say it, set up a-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)

Kieran O'Donnell: I am asking if there is a model that would allow a number of credit unions to go in and if they would have the financial wherewithal to establish such a public entity with the specific purpose of SME lending.

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