Results 16,261-16,280 of 26,081 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Welcome, Mr. Somers. Can you advise the rationale as to why Merrill Lynch were appointed on 24 September 2008 to advise on liquidity and strategic options available to the Government, given the proximity to the issuance of the guarantee just five days later? What was the critical factor that spurred Merrill Lynch's appointment? And what individuals or institutions made that decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: So you were the petty cash for the paying the consultants.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: So purely it was down...they needed funding.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Was the only reason that Merrill Lynch-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: When did you fly out?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: But there was discussions ongoing prior to that. Like we see various memos, 25th and that. Were you contacted by Government at any stage to say, " Look, there's a problem happening here?"
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: You made reference there before I go, just to conclude. What was the trigger that spurred the Minister for Finance asking, at that particular time, for you to hire Merrill Lynch? When were you asked to hire them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Do you know what the spur was?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: You were just a conduit in terms of funding?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And did they report to ... in terms of the reporting mechanism from Merrill Lynch, did they report to Brendan McDonagh?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And you spoke about not being part of the inner circle. What do you mean? Explain how that was.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Who was in ... who was on the inner circle?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And who would he normally ... when you say ... that would be with the Minister for Finance, is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And the Taoiseach. And how did you find, in terms of your interaction with the various bodies, what did you feel was the contingency planning and the level of understanding by the Central Bank and the regulator of the state of the balance sheets of the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: We had former Taoiseach Brian Cowen in before us and he said, on the night, that his advice was taken from the Governor of the Central Bank, that was the supreme advice he took on the night. Do you feel, from your knowledge, do you feel that they had a full handle, or not, on the state of the banks on the night of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And when the times were good, did they ... were you ignored?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And before the direction was issued by the Minister for Finance, in terms of directing you to put funds in the banks, was there ever a situation where previously such a direction took place?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And when you, we'll say, you got the direction in 2007, late 2007, December, and then furthermore on ... in June 2008, in terms of being directed to put money in the banks, when you said to the Central Bank and the Department of Finance at the time that it was the role of the ... of the Central Bank to fund the banks, rather than the National Treasury Management Agency, what was the response?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And the reaction you got back was ... is it that they were afraid to go to the ECB on it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And you spoke about going to Trichet. Why did the Governor of the Central Bank accompany you to meet Trichet?