Results 16,241-16,260 of 26,081 for speaker:Kieran O'Donnell

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

Kieran O'Donnell: Putting money on deposit-----

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

Kieran O'Donnell: -----with the banks.

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

Kieran O'Donnell: And when you got ... you made that decision back in August 2007 and this was the first occasion where there was a roll-over of deposits. Did it set off alarm bells that the Minister for Finance was looking for such a large increase in the likes of Irish Life and Permanent, where they went from €50 million to €250 million, and EBS from €40 million to €100 million?...

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

Kieran O'Donnell: He took it that seriously?

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

Kieran O'Donnell: And did you have concerns at the time about the solvency of the entire banking system at that stage in Ireland?

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

Kieran O'Donnell: Would you have had discussions with the Department of Finance at the time, back in June 2008, that there was a need for, we'll say, analysis to be done, due diligence to be done, a plan to be put in place to deal with the banks, a strategic plan?

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

Kieran O'Donnell: No, but back, going back. I know that and we've heard that.

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

Kieran O'Donnell: But going back to June, your CEO, Mr. Somers, went to the, I suppose, unprecedented position of effectively getting ... looking for senior counsel opinion, effectively against the direction of the Minister for Finance at the time, Mr. Brian-----

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

Kieran O'Donnell: 2007, who was then the Minister ... was Minister-----

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

Kieran O'Donnell: Cowen. Which was I would have thought relatively unprecedented. So the question is at that point, when you made such a dramatic decision, did you see fit as an organisation to say to the Minister for Finance, "There's a problem here. What alternative measures are you putting in place to deal with the issues in the banking system?" You were the experts in terms of rasing funding. The fact...

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

Kieran O'Donnell: That's the question.

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

Kieran O'Donnell: Sorry, we can take up from Mr. Somers. Can I go, Chairman ... can I direct you to Vol. 1, it's the Merrill Lynch report and I specifically want to go on to page 42 and ... particularly page 42. And this Merrill Lynch report is dated Sunday, 28 September. It was the last Merrill Lynch report or maybe there was a subsequent one on the 29th ... no, it was the last one.

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

Kieran O'Donnell: It's the final one.

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

Kieran O'Donnell: Okay.

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

Kieran O'Donnell: Okay, can I just refer to two final paragraphs-----

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

Kieran O'Donnell: 42, Chairman. Irish Nationwide Building Society. It says: "In the extreme stress case analysis the total writeoffs including losses of interest income would just deplete most of [Irish Nationwide] reserves of €1.8 billion." And for Anglo, it says, "If one was to apply the [Irish Nationwide] stress case scenario the writeoffs would ... deplete ordinary shareholders and other lower...

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

Kieran O'Donnell: The question is: was that sufficient evidence provided to the Irish Government on the night and to the authorities that Anglo Irish and Irish Nationwide Building Society were insolvent?

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

Kieran O'Donnell: But was that sufficient evidence for an objective viewpoint to say that based on what's being provided here, in all probability, Irish Nationwide and Anglo Irish Bank were insolvent on the night of the guarantee?

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

Kieran O'Donnell: Very final point then. Was ... in your opinion, was enough preparation done-----

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

Kieran O'Donnell: -----was enough preparation done in the months prior to the guarantee to ... for the decision that was taken on the night of the guarantee? Could more have been done in preparation?