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Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Was Mr. O'Regan just doing his job? What I am trying to get at is whether his newspaper or INM Group newspapers contributed to the feeling that it was a safe bet and a good thing to buy property and that this was good for Ireland incorporated. What role did they play?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: We understand that Mr. McWilliams had diverse views, many of which were published in Mr. O'Regan's paper. Has Mr. O'Regan looked back to see the following? If one could call him a contrarian and the others cheerleaders - I am just using the words in the broadest sense - would Mr. O'Regan have said his newspaper and the newspapers in the group had more cheerleaders or more...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Mr. O'Regan was making money out of it, as we have heard from Mr. Doorly. I am not asking about revenue; I am just asking whether the newspaper had a balanced approach or whether Mr. McWilliams was the one contrarian while the rest of the newspaper was encouraging and supporting the property market, development, investment and the purchase of property.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: I am asking Mr. O'Regan in the round. I am not giving him any specifics. I am asking, in the round, would Mr. O'Regan say, if he looks back at his time in office as editor of that paper and the period before, which was also relevant, did the newspaper offer more on one side or the other about the property-----

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: I am not asking Mr. O'Regan whether he should or should not have; I am simply asking whether he did or did not. If he looks back, did he give more space to-----

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Part of our debate here is about the nexus between politicians, property and the banks. I wanted to look at the decision taken by the papers back in April 2007 to back the Government in the forthcoming general election. How does Mr. O'Regan account for the change in the newspapers at the time? Until then, the headlines for the incumbent Government had been pretty unpleasant, and then there...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Mr. O'Regan was-----

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: I am asking Mr. O'Regan what happened at the newspaper at that time that allowed such a sea change, where there had been little support for the incumbent Government and then suddenly there was a big change. In fact, The Observerreported on 22 April 2007 that Independent News & Media would swing behind the Government: "all three of [the] main national titles - the Irish Independent,...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Were those decisions based at all on private meetings that we understand took place between senior members of the Government and senior members of INM?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: That never happened?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: One of the key members of the Irish Independent's editorial staff said that such meetings had taken place. I am not saying that Mr. O'Regan was present at those meetings, but this person said that senior members of the paper were at meetings with senior Government members. I am asking whether or not-----

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: The meetings that changed the approach?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Did those meetings take place?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: But Mr. O'Regan received no direction to change-----

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Mr. O'Regan received no direction to do so?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: I thank Mr. O'Regan. Mr. Doorly said in his opening statement that INM was not a participant in the property industry. When the INM group bought www.propertynews.comin 2006, the chief executive of INM said, "The combination of PropertyNews.com and INM's online and newspaper operations will allow the group to offer estate agents and home owners an unrivalled package." What was the signal to...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: To be clear, it was buying into a part of the property business at the time, was it not? No? I do not understand.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: It was a business deal.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: May I put a question to each of the witnesses?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: There was a development on Cape Verde, an island off the coast of Africa. During his tenure, Mr. O'Regan's newspaper ran one article per month between the end of 2005 and 2006 on this development. I cite this as an example of the kind of promotion given to a particular form of property development because I want to ask him about it. How did the journalists get to Cape Verde and what kinds...

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