Results 10,761-10,780 of 26,610 for speaker:David Cullinane

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I am sorry, Mr. Carville, I have not finished my point. Surely, Mr. Carville would have understood that our job today is to probe those figures. We do not just accept the headline figures provided to us as being fine. Our job is to ask questions about such figures. I would expect some level of detail to underpin those figures and I am not hearing it.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: But my time will be up.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: That detail is in that chapter.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The €31.8 billion, yes. Mr. Hynds is missing my point entirely. What I am saying is that the headline figures are in the report. Our job is to probe beyond the headline figures. In the context of the witnesses saying that they will come back to us at some point, when they do so and provide the information - this is what I said to previous holders of the position of Accounting...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I might come back in the second round if we can get the information.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I will give way to the other members.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I will continue on this theme because I am flabbergasted by Mr. Carville's response. I will try to elaborate on my thoughts so that Mr. Carville can help me understand his reasoning. Mr. Carville said that the reason to invest the €66 billion in the banks to recapitalise them was to save the entirety of the banking system. That would have been the reasoning given at the time the...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I am not separating them, I accept that was Mr. Carville's response. I will isolate Anglo Irish Bank from the other banks. We invested €29 billion - invested is the wrong word - but €29 billion was put into Anglo Irish Bank. Who exactly was saved on the back of that €29 billion spend by the taxpayer?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Who were they?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Corporates? I doubt there were many Joe Soaps and that is not an adequate response. It is a bit flippant.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Do we have a breakdown of what that €29 billion was spent on in Anglo Irish Bank?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Some €29 billion went in to fill a hole. Who would have been the Accounting Officer signing a cheque for €29 billion to go into Anglo Irish Bank? I imagine it would have been the Secretary General.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I understand that. Some €29 billion of taxpayers' money was transferred from the State into Anglo Irish Bank. That is a fact. Somebody would have had to sign the cheque for that money and somebody is accountable for that spend. I imagine the Secretary General of the Department of Finance is the Accounting Officer for the transfer of that money.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I understand the policy choice was made but once a policy choice is made and money is then transferred from the public purse, from a Department to an organisation, the Accounting Officer is responsible for that money. Some €29 billion was put into Anglo Irish Bank. I was looking for a breakdown of the €66.8 billion and exactly where that money went. Similar to the NAMA money,...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The witnesses are looking at me as if it is a silly question. It is not a silly question. I want the witnesses to explain precisely what €29 billion, a huge amount of taxpayers' money that was put into a private organisation, was used for. I do not want to hear the general term that it was used to recapitalise the bank. The money that was given was used for something. What was it...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: So it its purpose was to give the bank additional capital. What did the bank do with that money?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: What exactly are its liabilities?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Bondholders, debt, exactly, so the €29 billion was essentially used to pay off debt, which is the point that I am making. This is a bad bank. It is a developer's bank, essentially, and it is extraordinary that we can make a statement that if that investment was not made, the entirety of the banking system could have collapsed. That might hold some logic if one was talking about...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I do not know precisely how that €66 billion was spent other than being told it was used by the banks to recapitalise those banks. It would be useful if we could get a breakdown of exactly how that money was spent. For example, which banks got what from the first €66 billion? What was the money used for when the banks were recapitalised? What did they do with the money? Are...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The biggest amount went to Anglo Irish Bank. I come then to the breakdown I asked for earlier, which relates to NAMA loans that were acquired and the €31.8 billion. We can see that Anglo Irish Bank got-----