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Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: No?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: Why not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: So your advice wouldn't change if ... let's say if you knew bank A was insolvent-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: -----would you have offered different advice?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: Can I just ask for one clarification?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: And that is just, the NTMA was saying to you that the ... those two were monoline banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: So they didn't speak to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: Of course.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: I would just like to ask you, this is a quote that I'm specifically saying was in The Irish Timesbut I think you've made it before. You said,"If I'd cut spending, they would've crucified me." Is that ... is that .. would you accept that? I mean I appreciate this is in an interview in The Irish Times. The reason I'm asking you is they ... you're saying there "they would've crucified me". I...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: You did make the point to Senator MacSharry that, you know, that there was nobody that didn't ask you not to spend more. I mean isn't the difference between being in government and being either in opposition or outside the political system is that you are always asking and the privilege, if you like, and the responsibility of government is that you can see the books and you know where the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: Surely you should have made the decision?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: But how is that something to be proud of when we've seen what happened next?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: Okay, I'm sorry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: In relation to the various warnings that were proffered by people like the OECD, the IMF, the ESRI, and Deputy Murphy went through some of those, and I know you've acknowledged here that you read many of those, did you actually discuss those with officials, either in your own Department or the Department of Finance? Did you make any plans to deal with the, "Well, what if some of those do...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: Mr. Ahern, when you were leaving and, obviously, there was briefings given, obviously, to Mr. Cowen and Mr. Lenihan coming in behind you ... I think you have these documents, DOF03151. This was a briefing document ... so I'm assuming that these would have been briefing documents you would have known about. The Department was saying, "We are now factoring a €2 billion shortfall in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: But these were the confidential documents that you would have seen, I'm ... you would have known the content of this as you left ... pretty much as you left, this is what you were leaving behind you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: So what was going through your head as you left? Were you satisfied that the place was in good order? Were you worried? Were you ashamed that things were about to ... what were you thinking?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Susan O'Keeffe: At that same time, part of the information that was coming through and, I think, somebody referred to it earlier the ... the St. Patrick's Day massacre. What was your knowledge in relation to the contracts for difference, in relation to Seán Quinn and Anglo Irish Bank? What did you know? What had the Minister for Finance told you at that time? What had you had ... had you had any...

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