Results 11,661-11,680 of 36,274 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: The reason I ask you this here-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: I have ... and I'm not sure if you're aware of it because it comes from Kevin Cardiff's documents, but it's a letter from Ann Nolan to the Minister, it's in 13 May '09. And it's what you mention yourself in your opening statement, that Anglo were in breach of their ratios at a point in time in 2009, and this was requesting the Minister to give them a derogation in relation to this, but it...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: ----- specific to Anglo, but if a bank goes below 8%, is there bonds that the bank would have issued that they would ... they have a call on them, basically, because they're now below the solvency?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: A bank that falls below 8%-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Yes, this is the last thing. A bank that falls below 8%, the solvency ratio-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: -----so let's take Anglo, that had no access to the markets at that point in time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: No, but the question-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: The point I'm saying is, do they become insolvent de facto because ... if they can't get money from the markets, given that the ECB won't lend them money if they're-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Is that not a case that Anglo was insolvent, based on the 8% capital, on the night of the guarantee, given that it could not access capital markets and-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: -----it would not have access to ECB finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: That's incorrect, sorry, not in the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Thanks. Professor Honohan, I have ten minutes and ten questions, and leading from Deputy McGrath's question, should the Government at that time - in 2011 - have announced in the Dáil, without talking to the ECB, that they were going to burn the bondholders in Anglo Irish Bank, in your opinion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: What was the ECB likely to do in reaction to the Government taking a unilateral decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Would they ... would ... could they have switched off the ELA at that time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Okay. In terms of the recommendations in the 20 pages of recommendations-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: They wouldn't have cut off ELA.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Okay. In terms of the recommendations that's in the core documents, the 20 pages of changes that you've introduced, is there any still outstanding from previous reports and are there any plans to introduce these changes in the future? Are there any gaps in your implementation of the necessary changes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Professor, when you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Maybe that's something you could submit to the committee at a later stage, if you wouldn't mind?