Results 15,221-15,240 of 26,081 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: For PwC work. And the ... the ... going back on the Project Atlas itself, right, you ... in your witness statement, Mr. O'Connor, you said that ... that, "The PwC scenarios [analysed were] based on a number of assumptions and other than [Irish Nationwide they], had not been reviewed by [the] management in the Institutions." Why were Irish Nationwide provided with a copy of the assumptions...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: And this was in Project Atlas 2.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: And three.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Just two.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: And the only difference between two and three-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: With JLL, to come up with valuations. So, we'll say, Atlas 1 was a desktop general overview just dealing purely with Anglo and Irish Nationwide. Am I correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: And ILP.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Okay. Atlas 2 was where, effectively, you brought in all the financial institutions - all six - and you looked at two stress case scenarios in there that you wouldn't have had looked at in Atlas 1. So were in ... and this is ... we're dealing with Atlas 2. And Atlas 3, you brought in Jones Lang-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: -----to look at valuations.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Fine. So, really, the substantive work was done in Atlas 2.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: So, if we go into Atlas 2, tell me why Irish Nationwide were given sight of the assumptions and their views and the others weren't?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: The people in the other banks ran the models.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Where did it end up with Irish Nationwide? Where did-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Ye overruled them.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Okay. And can I . . . we'll say . . . the fact right that . . . and I'm reading from the summary report, Chairman, that was given on ... which was published on 20 February '09, and you state in ... in the summary, you state: "Under the PwC [it's page 37] highest stress scenario, Anglo’s core equity and tier 1 ratios are projected to exceed regulatory minima (Tier 1 – 4%) at 30...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Well, can you comment on the fact that the Taoiseach of the day, two days after you gave him the Project Atlas report, made specific reference to your report in terms of stress case scenarios for loans as a basis underpinning the Government guarantee two months earlier?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: And what about the fact that the taxpayer has ended up forking out €30 billion for Anglo Irish Bank on the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: No, well, then can I ask you can you comment on the fact that you have stated in your report that under your highest stress case scenario on 17 November, Anglo would cover its tier 1 capital requirements and wouldn’t require taxpayers’ money but, in fact, it ended up €30 billion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: But you also said-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Can you explain ... you made reference earlier to Senator Barrett that the capital that was in ... I don’t know if you were speaking specifically about Anglo or the other banks, that what was being reported as equity wasn’t actually equity, that here was an element of loans from other banks and subsidiaries. Can you expand on that?