Results 8,901-8,920 of 26,050 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: What view would you have given on the night, Mr. Grimes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: And was that in respect of ELA funding?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: So what type-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: ECB funding?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: And were you taking major discounts on the ... on the collateral at that time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: And what level of ... of discount are we talking about on ... on the collateral being offered, the loans being offered?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: Had that been going on for some time, Mr. Grimes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: No, both the size in haircuts and how long had this type of haircut been in place for collateral being provided for the ECB for funding.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: I accept that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: The question ... the question, I suppose, I'd like to know is that, how long would that ... had that type of haircut been ... been posed on that institution with the ECB, in terms of funding from the ECB?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: And that's obviously one institution that ... am I at liberty to name, Chairman?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: Well, I ... I think it's ... it's ... it's a bit like the elephant in the room that ... that the ... we have an institution here that, clearly, was getting major discounts on its collateral in terms of what the haircuts, as you call it, from the ECB, over a long period of time. Would that not indicate, Mr. Grimes, that there was ... that the level ... that the type of loans that ... that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: No, I'm not ... no and I'm not saying-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: But ... but I would think it would be reasonable to say ... I'm not talking about a specific institution, but, clearly, the level of discount that's applied in respect of ... if you're giving over something that is a loan of a value of, we'll say, €1 million, and you're getting back only 50% of that by way of ... of funding from the ECB, that's clearly of a less quality than giving...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: And did you have concern over ... that it was over a long period of time that that level of haircut had been applied on any institution? Is it ... would it be a cause of concern to the Central Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: Okay, and, just, I suppose, to follow on from that, you finish out ... in terms of your ... you were present at the first meeting on the night of the guarantee. Were you present at any further meetings?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: And what ... what happened at subsequent meetings that you attended?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: And can I finish on one point?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Kieran O'Donnell: Yes, last question, Chairman, thank you. Finish up on one point. The big issue around the night of the guarantee is clear around the issue of solvency versus liquidity. The question I have to ask is: what would have been the test of the Central Bank would have looked at to ensure that the Irish banks were solvent on the night of the guarantee?