Results 9,421-9,440 of 26,053 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Period? That was 2008.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Welcome back, Mr. Cardiff. Could you elaborate ... on page 23 of your own statement where, speaking about NAMA, when Dr. Bacon and the NTMA presented a proposition they had been working on to the Minister for Finance, it came as something of a shock to the Minister and to the Department of Finance officials. Can you just elaborate on that - your views at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: So they ended up taking half. How did it ... how did it come about to be the €77 billion that they took rather than €150 billion? Can you remember that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: That would have been based on a 30% discount at the time. Am I correct in that, Mr. Cardiff?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: The draft was ... yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: And the amount that the State ended up paying-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Sorry. The ... my apologies. The amount that NAMA ended up paying, which was around €42 billion, which was nearly a 60% discount, was equivalent to 30% discount on €150 billion, was there any coincidence they ended up both being the same figure, more or less?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: They ended up paying ... sorry, they paid €32 billion, that was actually ... it was ... the discount was significantly higher.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: And that meeting that took place with the ... the NAMA proposal was considered at a meeting with a large attendance at which the Taoiseach presided. Who would've been at that meeting and were you asked for your own opinion on NAMA and what was your view on NAMA at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Was it the same as the night of the guarantee, Mr. Cardiff?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: And what was the Taoiseach's own view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: And what was your own view on the night?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Okay, and-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: So you're saying everyone was in agreement on the night. And who would you be ... would you feel at liberty to indicate as to who ... people that were, for want of a term, sitting on both sides of the fence?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Okay, and who else on the, on that day, Mr. Cardiff?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Just one. Okay. Can I take it that the fact that the original NAMA draft plan was based on a 30% discount, which would have been the ... the ... NAMA paying around €54 billion for €77 billion of gross loans and that ended up ... that NAMA paid over €20 billion less. So for €74 billion they ended up paying €32 billion, so, instead of a 30% discount, it was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: I'm talking about in terms of recapitalisation of the banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: I'm not saying that but the point-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: If the discounts hadn't happened at that level, would we have ended up going into a bailout at the time we went in, or would we have ended up going into a bailout at all at any time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Kieran O'Donnell: Chairman, can I just move on. In your statement, on page 26, you say, "Rightly or wrongly, there was a view that the ECB did not fight ‘fairly’ in all cases ... [what] they would ask for actions ... [to] a particular direction". Did the ECB and Mr. Trichet play fairly with Ireland, both in terms of the guarantee and the bailout? And did they have a ...I suppose, did they...