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Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: So despite the fact that borrowing continued to rise and houses ... house construction continued to rise, you still were sufficiently reassured by the small change in 2006 to ... would you not do anything more specific?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: When you came into the job as Minister for Finance, did the Taoiseach say that he expected anything in particular of you or that he wanted you to do anything in particular? Do you remember? Maybe he didn't say anything.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: Yes. I wasn't asking about the Cabinet, I was actually asking you about what the Taoiseach might have said to you, as one party colleague to another, on appointing you as Minister for Finance, ''This is what I hope would happen.'' No? That didn't happen?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: Would you say that in this period of time that we're discussing today, as opposed to any later time, did you have friends or close acquaintances in the banking sector or in the property sector?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: And, if so, who were they?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: Okay. So how then would you describe your relationship with Fintan Drury who, obviously, was a non-executive director of Anglo Irish and I know you'd known him prior, you'd known him, I think, I believe, at college, you probably can tell me-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: -----if that's the case?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: So you knew him for a while. But he became a non-executive director at Anglo, among other things that he did. So how would you describe your relationship with him?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: So in your diaries for 2005 and 2006, it does show that Mr. Drury was visiting you in your offices quite a lot, and, obviously, they're your official diaries. So he would have been coming in to talk about anything, in particular, or just as friends?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: You never talked about banking, you never talked about Anglo Irish? I'm just being clear.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: Do you think that it was appropriate that he had that much access, or was that okay because he was a friend?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: Finally if I may, to go back to the Asset Covered-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: -----Securities Act that was raised by Deputy Doherty in relation to you. I mean, under the freedom of information, and various parts of the lobbying that occurred at the time, even one of the officials in your own Department wrote back to the Irish Banking Federation and said, "The IBF is certainly an effective lobby co-ordinator. We are under siege from reps from banks about slippages in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: -----in the form that they had lobbied for?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: So but the Financial Regulator was-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: -----in part opposed to what had been lobbied for, and is it a coincidence then that the legislation that you introduced matched exactly what you'd been lobbied for?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: No, I asked you was it. I wasn't saying what you said.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: Sure, even if the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: This is the last. Even if the Financial Regulator appears to be opposed to it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Susan O'Keeffe: But the Taoiseach wrote to you?

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