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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functions: Office of Public Works (10 Dec 2014)

Kieran O'Donnell: How long will that take?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functions: Office of Public Works (10 Dec 2014)

Kieran O'Donnell: Does Mr. Smyth anticipate he will have the options early next year?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functions: Office of Public Works (10 Dec 2014)

Kieran O'Donnell: That would obviously be in consultation with Limerick city and county councils in terms of the regeneration project. That will determine the types of defence mechanisms.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functions: Office of Public Works (10 Dec 2014)

Kieran O'Donnell: Is there any indicative timeframe for the work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functions: Office of Public Works (10 Dec 2014)

Kieran O'Donnell: The sequence involves the conclusion of the CFRAM mapping, deciding on the options and the marrying of the options with regeneration. The mapping is concluded and the next step involves the options.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functions: Office of Public Works (10 Dec 2014)

Kieran O'Donnell: This is a major issue in Limerick, as the delegates will be aware, and it is very much an issue for the people of St. Mary’s Park, Lower Corbally and Athlunkard Street, which were heavily flooded in recent times. I very much urge the delegates to address this issue with urgency.

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: I want to touch on a few areas. Mr. Nyberg made just two references to the little-known domestic standing group, DSG, in his report. Those references are on pages 74 and 75. Mr. Nyberg admits throughout his report that there was a lack of co-operation between the Central Bank and the Financial Regulator. Page 74 of the report refers to the establishment of this group: Important...

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: I am not looking for names.

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: I am more interested here in what level they were at.

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: Was it the Governor? Was it the Secretary General of the Department of Finance? To whom did they report? Clearly, this body was put in place as early as 2006. It would appear to me to have been the high command for emergency strategy management. Mr. Nyberg might give me his take on the views I am expressing.

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: It is still two years, at least, before the bank guarantee was put in place.

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: So Mr. Nyberg is saying as early as 2006 he believed the Irish banks were insolvent.

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: Did Mr. Nyberg interview anyone on the domestic standing group?

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: Why not?

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: With due respect to Mr. Nyberg, the group specifically dealt with looking at a special resolution mechanism-----

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: -----for the banks as early as June 2008.

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: If this had been in place at the time of the guarantee, it may have given rise to a situation where €64 billion-----

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: -----would not have been put on the backs of the Irish taxpayers. We are here because €64 billion of a liability was there. It may end up being less, but certainly there was a liability at a certain point in time of €64 billion on the Irish taxpayer, whom we are here to represent. I will put the question I am really asking. Did Mr. Nyberg look in any great depth at the...

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: To whom did they report?

Committee of Inquiry into the Banking Crisis: Context Phase (17 Dec 2014)

Kieran O'Donnell: Okay.

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