Results 16,621-16,640 of 26,086 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Now in the report-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: The page numbers are page 9. I want to make reference, Chairman, to the draft report that was provided to the Department and then to the final report that was published. The draft report runs from page 9 to page 20 and the final report runs from page 23 up to page 37, but I've only two quick specific references. This report was ... the OECD came and did an on-site inspection on 20 February...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: I want to ask why these changed, and they are specifically around the banks, "...while some features of the deposit insurance scheme should be reconsidered and a special swift procedure for closing failed banks should be enacted". That is completely deleted from the final report in page 26 and equally, Chairman, page 12 deals with a section then where it speaks around in the context, sorry,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: It's completely deleted. So those two issues which are to do with the liquidity of the banks, to do with putting in place a special swift procedure for closing failed banks, which is a resolution mechanism and, secondly, about insolvency legislation being enacted for banks, they are completely deleted with the final report. That's seven months before the guarantee is put in place. The...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: I want to ask can you give me the procedure, how would that have happened?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: It says "Delete". It says "Delete" underneath it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Page 9.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Well, it says, that whole area, "Delete", "Delete" and there's a sign ... a line down by the side. The question I suppose I want to ask is, would it be the general secretary of the Department, would the chief economist of the Department have interacted with the OECD?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: I want to know who?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Who in the Department would have been interacting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Who was?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Period? That was 2008.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Welcome back, Mr. Cardiff. Could you elaborate ... on page 23 of your own statement where, speaking about NAMA, when Dr. Bacon and the NTMA presented a proposition they had been working on to the Minister for Finance, it came as something of a shock to the Minister and to the Department of Finance officials. Can you just elaborate on that - your views at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: So they ended up taking half. How did it ... how did it come about to be the €77 billion that they took rather than €150 billion? Can you remember that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: That would have been based on a 30% discount at the time. Am I correct in that, Mr. Cardiff?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: The draft was ... yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: And the amount that the State ended up paying-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Sorry. The ... my apologies. The amount that NAMA ended up paying, which was around €42 billion, which was nearly a 60% discount, was equivalent to 30% discount on €150 billion, was there any coincidence they ended up both being the same figure, more or less?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: They ended up paying ... sorry, they paid €32 billion, that was actually ... it was ... the discount was significantly higher.