Results 1,661-1,680 of 4,168 for speaker:Susan O'Keeffe
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: We shall come back to the discount. Mr. Daly what, as I said, casting your mind back what-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Coming as you were, as strangers to the books because you weren't working in that area directly yourselves, these things were obvious to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: And this idea of relationship lending, that was obvious in the fact that a small amount of people had borrowed a lot of money ... that was clear?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: None of the institutions appeared to know that the other one had lent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Mr. McDonagh, you say in your own opening statement it had become common for the lending to be on the basis of very high levels of project funding, sometimes 100%, and where an equity pledge from the borrower was required, it often took the form of unrealised paper equity from other transactions. Can you just draw that out or elaborate for us?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: From the loan documentation that you had, new debts were being issued on the strength of other debts or unreleased equity.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Yet banks would argue that the evidence is they would have employed chief risk officers, they would have had all sorts of regulations, the Financial Regulator, the Central Bank. There was an apparatus both internally and externally. Yet you are able to say at this point that the practices were lax. So how, what, where did that disconnect?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: If you had just those two figures in your hand, if you just had those figures alone and looked at them, would you know as a person with financial expertise, what would go through your head looking just at that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Just to be clear, some of that money was not going back to the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Are we talking about millions of euro here?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: People may not know.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: So you effectively re-routed that money back to where it ought to be going?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Finally can I ask you, in relation to the 772 debtor connections who borrowed €74 billion, and I am obviously quoting from your own, from the participating institutions, you estimate, I think conservatively, that these same debtors borrowed at least a further €10 billion from non-participating institutions. How did NAMA manage the process in instances where a large development...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Mr. Daly you made the observation that banks were taking the type of risk that were normally the preserve of private equity or hedge fund providers, without demanding the same level of rigorous analysis that those providers would have made a condition of funding. They may say otherwise.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Did you say effectively that our retail banks, the ones where all of us probably, you know, would have banked and taken out our money and taken ... they almost became hedge funds? They changed their identity-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Thanks, Chair. Can you ... can you say if any ... at the time, you know, when you took on the loans and you started examining them and obviously you're familiar with them, can you say if any serving members of the Government or the Oireachtas were involved in any of the so-called debtor connections through syndicates or through companies?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Well-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: With respect in terms of the political, I'm not asking you to name them, but if-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Susan O'Keeffe: Yes. That wasn't the purpose of the question. I was-----