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Committee of Inquiry into the Banking Crisis: Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
(30 Apr 2015)

Kieran O'Donnell: No. It was a meeting. He rang from Frankfurt at 8 o'clock in the morning to the national broadcaster, RTE "Morning Ireland", to state that Ireland would be going into a bailout programme.

Committee of Inquiry into the Banking Crisis: Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
(30 Apr 2015)

Kieran O'Donnell: In the letter ... I'm quoting from the letter of 19 November. "As Patrick Honohan knows, [it's the second paragraph] the Governing Council has been asked yesterday to authorise new liquidity assistance which it did." The letter is dated 19 November so that is from - this happened on 18 November. Would you have told Professor Honohan, as Governor of the Irish Central Bank, that that was the...

Committee of Inquiry into the Banking Crisis: Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
(30 Apr 2015)

Kieran O'Donnell: You would provide no further ELA funding unless Ireland went into a bailout.

Committee of Inquiry into the Banking Crisis: Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
(30 Apr 2015)

Kieran O'Donnell: If Ireland had not gone into a bailout programme, what would have been the consequences, Mr. Trichet, for both Ireland and Europe?

Committee of Inquiry into the Banking Crisis: Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
(30 Apr 2015)

Kieran O'Donnell: One final question, Mr. Trichet. If on the night of the guarantee, the Irish Government and the Irish authorities had contacted the ECB and looked for approval to provide ELA funding, emergency liquidity assistance to Anglo Irish and Irish Nationwide Building Society for a period of a week, would ... what view would the ECB have taken in terms of nationalising those banks or an orderly...

Committee of Inquiry into the Banking Crisis: Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
(30 Apr 2015)

Kieran O'Donnell: You are saying that you were never contacted by the Irish Government or by the Irish Central Bank prior to the guarantee being put into place.

Committee of Inquiry into the Banking Crisis: Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
(30 Apr 2015)

Kieran O'Donnell: Correct. If you had been contacted prior to the guarantee, what view would you have taken in terms of assisting Ireland as a country in terms of a banking crisis?

Committee of Inquiry into the Banking Crisis: Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
(30 Apr 2015)

Kieran O'Donnell: But you would have been open to such an approach. You would have been open, you would have been receptive to such an approach from the Irish Government.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: Thanks, Chairman. Welcome, Mr. Boucher. Mr. Boucher, in the bank's strategy between '04 and '09 you were looking at an earnings per share growth of 15% per annum. And was that very ambitious in the market that you were operating in?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: Can I go back? You took over as CEO of retail banking in Ireland on 1 January 2006, is that correct, Mr. Boucher?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: And within that position, you would have been in charge of property and construction loans within the bank. Would I be correct that loan-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: What area would you have been in charge of?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: Well, in terms of your interaction with the property and construction loans within your role as CEO of retail banking, what areas of loans would you have had direct involvement with and control of?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: If a loan was above a certain limit -----

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: So above what limit would it have come to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: On average.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: When you took ... you came in ... in the year ... if you look at the property loan book of Bank of Ireland between '05 and we will say '09 ... between ... in the year 2006 when you took over, property and construction lending jumped by 28%. The loan book increased by 28%. Your previous in '05 went up by 13%. Why did it jump to such an extent in 2006? There was an increase of roughly...

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Kieran O'Donnell: It would be Bank of Ireland overall.

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