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

Eoghan Murphy: And were they senior in the organisation? Were they speaking with authority or were they just-----

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

Eoghan Murphy: Can you tell us who you were speaking to?

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

Eoghan Murphy: Dr. Somers. That was the reason that he gave you when you met him but it-----

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

Eoghan Murphy: -----but it wasn't an arranged meeting.

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

Eoghan Murphy: This wasn't when you were pursuing a credit line from the NTMA; this was an informal meeting or a-----

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

Eoghan Murphy: Okay.

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

Eoghan Murphy: Is it possible that the view of the NTMA might have changed subsequent to that?

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

Eoghan Murphy: Okay. Even after you were told that by Mr. Somers, you continued to seek credit lines from the NTMA. Is that correct?

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

Eoghan Murphy: You didn't?

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

Eoghan Murphy: Okay.

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

Eoghan Murphy: This basically was €6 million in a credit line.

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

Eoghan Murphy: Okay. Did you ever raise this issue with anyone in government?

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

Eoghan Murphy: Why didn't you have the preferred rating from the ratings agencies?

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

Eoghan Murphy: For the rating agencies or for the NTMA?

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

Eoghan Murphy: How did that compare to other banks or other societies in Ireland at the time?

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

Eoghan Murphy: But you never pursued it any further with the NTMA, seeking of a credit line.

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

Eoghan Murphy: Okay.

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

Eoghan Murphy: Okay. And you refute that statement from Mr. McDonagh about the very opaque structure of the society.

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

Eoghan Murphy: Okay.

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

Eoghan Murphy: I'll move on to some of KPMG's work for the society.

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