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Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: It will be referred to in the next question.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: Does Dr. Donovan believe there would have been-----

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: Could we have avoided a guarantee if that was the case?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: I am asking about it in hindsight.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: Could we have had a soft landing?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: I will move on to Dr. Donovan's book. There is a reference on page 9 to the bank guarantee. The book by Dr. Donovan and Mr. Murphy deals extensively with the bank guarantee.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: I am referencing page 9 in the statement, but it is in the book as well. Dr. Donovan stated, "Contrary perhaps to what is sometimes said, it appears from this table that the coverage of the Irish guarantee was not that radically different from that contained in several other earlier guarantees". Then, subsequently, in an article in The Irish Timeson 5 October, Dr. Donovan said that the...

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: They are all interrelated.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: This is my last point.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: In the book on the late Brian Lenihan, Dr. Donovan referred to Professor Honohan. If Timothy Geithner had not objected to the burning of bondholders, would Europe have proceeded to burn them and would this have been of benefit to Ireland?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: I was quoting directly from the book.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: The report which Dr. Donovan was involved in compiling references Professor Honohan. The latter appeared before the inquiry recently and expressed the view that the possibility of allowing Anglo to fail should have been considered. Is Dr. Donovan of the view that the Financial Regulator and the authorities should have been aware that Anglo was insolvent on the night the guarantee was introduced?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: In Dr. Donovan's view - knowing all the facts - would it have been reasonable for the authorities to have been aware that Anglo was insolvent on the night the guarantee was introduced?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: Dr. Donovan indicated that he felt Anglo Irish Bank should not have been allowed to fail and he referenced the report of Professor Honohan and his team, of which he was a member. Professor Honohan has subsequently come before this committee and has stated that in his view, there should have been strong consideration of allowing Anglo Irish Bank to fail.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: He said his view was -----

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: Let me put it another way, Professor Honohan said allowing Anglo Irish Bank to fail should have been considered in the context of discussions with Europe and it would have effectively been delayed for a week, in terms of ELF funding being provided to Anglo Irish Bank. My question is whether Dr. Donovan believes on the night of the guarantee it would have been reasonable that the authorities...

Road Traffic (Amendment) Bill 2015: Second Stage [Private Members] (17 Feb 2015)

Kieran O'Donnell: I am glad to contribute to the debate and I commend Deputy Ellis for introducing the legislation. I met Roseann Brennan for the first time earlier. I commend the fantastic work she has done and, like everyone else, I would like to express my sympathy on the loss of Jake. As a parent, I can think of nothing worse. I have spoken at length to the Minister about this issue previously in the...

Joint Oireachtas Committee on Transport and Communications: Proposed Sale of Aer Lingus: (Resumed) Aer Lingus and Stobart Air (17 Feb 2015)

Kieran O'Donnell: We are looking after the taxpayers’ interests, namely, the 25.1% shareholding in the airline, as well as national and regional strategic interests. What was the basis for the €2.55 share price? When one looks at the market value of the assets, it strikes me as higher than the €1.36 billion price offer. What are Aer Lingus’s plans for its Heathrow and...

Joint Oireachtas Committee on Transport and Communications: Proposed Sale of Aer Lingus: (Resumed) Aer Lingus and Stobart Air (17 Feb 2015)

Kieran O'Donnell: This is a point. Aer Lingus has €400 million net cash on its balance sheet at the minute. Based on what we are hearing, the slots are worth at least €400 million plus, and could be worth a lot more. The planes, we are hearing, are worth roughly €650 million. That is approximately €1.45 million. I also suspect the company has a significant property portfolio....

Joint Oireachtas Committee on Transport and Communications: Proposed Sale of Aer Lingus: (Resumed) Aer Lingus and Stobart Air (17 Feb 2015)

Kieran O'Donnell: Are the figures I have just quoted correct or incorrect?

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