Results 3,421-3,440 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Can I ask you now - it was briefly touched on before lunch - to outline for the inquiry the contacts during the period leading up to the guarantee with officials from the European Central Bank, including Mr. Trichet, on the options that were being discussed at the time? I'm not asking for the detail necessarily, but any contacts that were made.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: In the week, or the few days, leading up to the 29th, can you specify what happened?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Involving all European central banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Can you comment, then, on Mr. Trichet's remarks to the inquiry where I put this question to him and he answered me, and I want to quote him specifically, it is on page 27 of the transcript from the meeting that we had with Mr. Trichet, where he said, "no pre-negotiation, no pre-discussion on the guarantee of any kind, no call for any dialogue on that".

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Did the guarantee option emerge?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Okay. I want to just retrace my steps a little bit. When we had Mr. Boucher in previously from Bank of Ireland, I put to him a quote from Bank of Ireland minutes. It's on the record of the inquiry and I just want your reaction to that particular quote. He said on this point, the CEO, Mr. Goggin, and the CFO, "sensed a marked reluctance on the part of the CBI [Central...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Okay. Can I ask then in relation to the €1.5 billion bond that fell due from Anglo to a German bank, which we don't know which bank it is, which has been discussed by several witnesses, again primarily the Bank of Ireland witnesses who have come before the inquiry? Were you aware of that liability coming due prior to the discussions that you had with Bank of Ireland?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Mr. Hurley, this possible default of Anglo is a critical factor in the events that happened in the next few days-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: "Possible" I said, a "possible default"-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: -----was a critical factor in the events that unfolded in the next few days. I really would ask you to try to be clear in your recollection as to whether you were aware, or the Central Bank was aware, that that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: I understand what you’re saying, it’s just that the impression was created in that evidence that you were unaware, or at least not adequately aware.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Can I ask you were the ... was the Bundesbank aware of the possibility of a default by an Irish bank to a German bank, that week?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: You had no contact with-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Okay. I want to refer now to the core documents – Vol. 2, page 165, which was briefly referenced before lunch.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Oh, can I? Okay, sorry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Okay, well I was told that it could go up, but okay, if it can’t go up. It is, Mr. Hurley, bullet points for a Cabinet meeting of 28 September 2008. There is a handwritten note at the end of that particular document as well, but in the end of the printed part it says, "Governor of Central Bank in touch with ECB." And the handwritten note at the end says, "As of 9 a.m. today ......

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: But no-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: You needn't go into specifics.