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Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Kieran O'Donnell: What advice did you give finally? What advice did you ... because, ultimately, you were the Secretary General of the Department of Finance. What advice did you give on the night of the guarantee to the Taoiseach and the Minister for Finance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Kieran O'Donnell: It's a very simple question.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Kieran O'Donnell: Did you disagree then with the Minister for Finance and Kevin Cardiff on their view that Anglo should be nationalised?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: Thank you. Welcome, Mr. Cardiff. Can you describe the interaction and, in particular, provision of information from the Department of Finance to institutions like the IMF and OECD in the run up to ... running up to publications of IMF and OECD reports in Ireland?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: Yes, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: Did they ever change ... did they ... did the OECD or the IMF ever change a report for the Department of Finance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: But was ... was the import of what was in the reports changed?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: Okay. Can I move back to page 13 of your statement? And I just want to do a small bit of teasing out on the ... you were asked to produce a draft of the final announcement based on the banks' wording. What time of the night was that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: Yes, would you just give me a general outside of the time-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: Okay-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: About two o'clock in the morning, roughly.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: And why was it based on the bank's wording? Did you ... had .. was there no wording within the Department itself on the guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: But the decision had been made at that point.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: Who would have been someone senior?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: I suppose, in the limited time, I just want ... there is a couple of points I just want to tease. The ... the bank guarantee-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: No, no. The line-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: The word-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: -----the wording ... the wording that came in - that you had from the banks - was effectively an open-ended guarantee in that the banks were looking for all loans, existing loans and all future loans, to be guaranteed for the full term of their loans, correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Kieran O'Donnell: And how long would you have been discussing that document? Was there any due diligence done on that document? If you hadn't seen that ... that details when you were actually drafting up the note - the announcement - would it have been spotted ... what the ... what the banks had in their wording?

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