Results 9,861-9,880 of 26,053 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Okay, can I just refer to two final paragraphs-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: 42, Chairman. Irish Nationwide Building Society. It says: "In the extreme stress case analysis the total writeoffs including losses of interest income would just deplete most of [Irish Nationwide] reserves of €1.8 billion." And for Anglo, it says, "If one was to apply the [Irish Nationwide] stress case scenario the writeoffs would ... deplete ordinary shareholders and other lower...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: The question is: was that sufficient evidence provided to the Irish Government on the night and to the authorities that Anglo Irish and Irish Nationwide Building Society were insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: But was that sufficient evidence for an objective viewpoint to say that based on what's being provided here, in all probability, Irish Nationwide and Anglo Irish Bank were insolvent on the night of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Very final point then. Was ... in your opinion, was enough preparation done-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: -----was enough preparation done in the months prior to the guarantee to ... for the decision that was taken on the night of the guarantee? Could more have been done in preparation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Welcome, Mr. Somers. Can you advise the rationale as to why Merrill Lynch were appointed on 24 September 2008 to advise on liquidity and strategic options available to the Government, given the proximity to the issuance of the guarantee just five days later? What was the critical factor that spurred Merrill Lynch's appointment? And what individuals or institutions made that decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: So you were the petty cash for the paying the consultants.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: So purely it was down...they needed funding.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Was the only reason that Merrill Lynch-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: When did you fly out?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: But there was discussions ongoing prior to that. Like we see various memos, 25th and that. Were you contacted by Government at any stage to say, " Look, there's a problem happening here?"
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: You made reference there before I go, just to conclude. What was the trigger that spurred the Minister for Finance asking, at that particular time, for you to hire Merrill Lynch? When were you asked to hire them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Do you know what the spur was?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: You were just a conduit in terms of funding?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And did they report to ... in terms of the reporting mechanism from Merrill Lynch, did they report to Brendan McDonagh?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And you spoke about not being part of the inner circle. What do you mean? Explain how that was.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Who was in ... who was on the inner circle?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And who would he normally ... when you say ... that would be with the Minister for Finance, is it?