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Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: So you’d no liquidity-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Which you were required to do.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Can I just follow on from that question? You had a meeting subsequently with David Doyle on 18 September, the then General Secretary of the Department of Finance.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: What was discussed at that meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: For what purpose?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: September.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Mr. Fingleton, did you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Fine. Did ye discuss solvency of Irish Nationwide on that . . . at that meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Do you accept, Mr. Fingleton, that, in terms of scale - size - that Irish Nationwide’s cost to the Irish taxpayer, €5.4 billion, has been the biggest single banking failure in size in the history of the Irish State? And, in that context, that it cost €5.4 billion, do you still believe Irish Nationwide Building Society was solvent on the night of the guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: And do you accept that the €5.4 billion of taxpayers’ money that’s ended up going into Irish Nationwide Building Society, which they will never see a red cent of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Is it the biggest single failure?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: So you're disagreeing fundamentally with an independent organisation like NAMA?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Well, do you want to-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Mr. Fingleton, do you want to take this opportunity to apologise to the Irish taxpayer and the members of Irish Nationwide Building Society for your stewardship of the institution?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: What would you have done differently?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: What would you have done differently, Mr. Fingleton?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: Can I ask you, Mr. Fingleton, what was the set-up remuneration-wise within Irish Nationwide for executives like yourself? What was the ... how was your remuneration arrived at? Like, you were on €2.3 million of a salary in 2007, which was in excess of what the CEO of AIB at the time was on. How did you arrive at that level of a salary?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: How was it arrived at?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: How was the bonus arrived at, Mr. Fingleton?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Kieran O'Donnell: And what was the bonus that you would've agreed, we’ll say, for ’07 and ’08 at the time?

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