Results 8,121-8,140 of 32,916 for speaker:Catherine Connolly

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I understand and I hear what Mr. Carville is telling me, but I disagree with him. I refer to Chapter 3. We have a problem with banks, in particular Anglo Irish Bank. At some stage the Government nationalised the bank, something it could never do before, which is interesting. It could nationalise a bank to take on debt but not for us to get a benefit from it. That is a story for another...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Anglo Irish Bank brought the IOUs to the Central Bank. It looked on them as good collateral and said it could rely on the Government, and would give the bank money. Is that it? It has taken me a while to get my head around that, with the help of the Comptroller and Auditor General's report. The circular movement of money-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It is a very good graphic. We will all agree on the graphics and that the bank was a bank of speculators. We agree that the Government wrote an IOU and Anglo Irish Bank took that and went to the Central Bank. It said it would give the bank money to keep it going. In addition, under the IOU the Government had to pay periodic payments to the bank. One can imagine how long it has taken me...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Okay. I will take that word back.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: We had nationalised the bank in 2009. The bailout had not happened.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: The largest amount went to Anglo Irish Bank.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It went in before then. Was part of the promissory note that the Government promised to pay the bank so much every year way out into the future?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I think it was longer than that. Was it until the 2030s?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: That is what I am coming to. I have outlined what happened for myself and for people who are listening. I have not simplified things too much and I have only mentioned one bank. We can fast-forward to 2013 and the liquidation process, which triggered the process to turn the promissory notes into bonds. I ask the witnesses to explain that.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: We will make it easy because the witnesses have had many years-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I want to know about the decision-making procedure behind it and why it happened. I want to know about the outstanding promissory notes, which did not become bonds. Most, but not all, of the promissory notes became bonds as a result of the IBRC going into liquidation. Is that correct? It triggered that process.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: They were all changed into bonds.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Are there any promissory notes outstanding?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Please explain the decision-making process.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Why did that not happen before then, if it was beneficial to the State? Why did the liquidation process trigger that?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It was not a runner while it was a going concern.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Why?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It would have disadvantaged Anglo Irish Bank.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: We disadvantaged the country-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It was nationalised at that point.