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Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: I didn't ask that question, Mr. Ahern, just to clarify-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: -----I asked you ... I asked you did you believe that the economy was sound, given the fact that guarantee legislation was being drafted before you left the Office of the Taoiseach, given that certain banks were shut out of the market and the over-exposure of major banks in this country to the property market?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: Go raibh mhaith agat. Mr. Ahern, you said ... you were critical of the Financial Regulator and you also said that you'd be damned to take responsibility for something that wasn't your responsibility. And it's been put to you by Deputy Higgins that you sponsored or were aware or promoted light-touch regulation. Given that statement, how can you wash your hands of, or how can you not take...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: Mr. Ahern, you travelled to America in 2007, on 14 March ... at a breakfast meeting with the Financial Services Industry, over in New York. And at that, you were accompanied by the Financial Regulator, and in your address to them, you say, "International benchmarking studies show that Ireland is very lightly regulated compared to most of our European colleagues." You were telling the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: In your own words you were advocating that Ireland was a light touch, sorry, "very lightly regulated compared to most of our European colleagues and the burden on business of regulation tended to be lower than in many other EU member states." So do you accept that you were aware that the Financial Regulator who accompanied you there was pursuing light-touch regulation with the banks? And if...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: Sorry you put it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: I'm only quoting you Mr. Ahern; they are not my words.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: I'll move along anyway. If I can ask you, we've seen the graphs in terms of the explosion of credit into the market. And you yourself talked about that the commercial property was where the madness really took place. Mr. Ahern, your Government introduced the Asset Covered Securities (Amendment) Act 2007. It's reported that you were lobbied by the financial institutions, and the Minister...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: Mr. Ahern, you were the Taoiseach of the country-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: -----doesn't all legislation have to be ... get a Cabinet approval?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: Okay so, do you accept collective responsibility?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: Were you aware that this allowed for banks like Anglo Irish Bank which was a commercial ... in the main, commercial property bank, to actually secure more funding from the wholesale markets to release into the Irish and other markets? Were you aware that that ... you were lobbied by the financial sector. Were you aware that this was the intent behind this legislation, as a former Minister...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: But whether it did or not-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Pearse Doherty: This is finally, whether it did or not, the Government's intention, through this legislation, to allow for commercial mortgages to be included in covered assets securities, was to allow for banks such as Anglo, Bank of Ireland, Depfa bank, banks who all got into trouble, to access more wholesale money on the wholesale markets at the peak of credit into the Irish market. Do you take...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Pearse Doherty: Go raibh maith agat agus fáilte. Can I ask you to comment on the proposed merger with Irish Life and Permanent, the reasons behind it and also the reason why this proposed merger didn't go through? You, you'll see it on ... page-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Pearse Doherty: Yes, 167 to 172 on core Vol. 2.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Pearse Doherty: And, why didn't it ... why didn't it happen and what period of time are we talking about?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Pearse Doherty: It's not on the book.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Pearse Doherty: Okay. And, would you not ... did you not have an indication of what was coming down the line in terms of PCAR or were you still thinking that it would be a lot smaller than what PCAR discovered?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Pearse Doherty: Can you tell me how it was possible for a building society to issue commercial property loans? What was the legislative framework that underpins this type of lending that EBS partook in?

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