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Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: Thanks, Chair. In a note that was provided to us when Mr. Gleeson was here, Mr. Gleeson described the regulator. He said he was a hopeless regulator. What was your view of the regulator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: You said earlier, when we were talking about the payment of the dividend, you said, "We didn't have to form a view on the paying of a dividend." You didn't have to, but did you? You may not have had to, but did you actually?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: On page 25 of your ... of the ... our document ... core document Ernst & Young, there's a note, I think it was written in relation to EBS as it happens, but the sentence under the heading, "Background", says, "We have identified from our market knowledge that there is a potential going concern problem for EBS"-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: I'm sorry. I beg your pardon.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: I beg your pardon. I'm so sorry, I picked up the wrong document. That's why I'm ahead of us.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: Before you took over the audit ... I'm very sorry. Thank you for your correction. In fact, on the matter of correction, lots of people have come in here and given evidence and they've said that they have made mistakes and errors have occurred and, you know, we've seen in all the documentation, all kinds of errors. Human error, sometimes. But there's been no errors offered on your part....

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: So-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: No error.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: It just strikes me to see that every ... that the organisations, including the banks themselves, have acknowledged mistakes that they've made but-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: I know, but you've made no mistakes-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: Okay. Mr. Dobey, you used the analogy a moment ago, of being ... of keeping the score.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: Indeed. So you are keeping the score ... in that 2008-09 time, when things were very difficult, as you've said yourself, it was a very stressful time. And you had many negotiations. You were talking to the Financial Regulator, you were talking to Government, you were talking to all kinds of people. What status were you ... did you have then at that point? Because if you're keeping the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: -----don't understand how you can be-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: -----on the one hand keeping the score, and now on the other hand, on the pitch?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: You did say though, that you weren't on the pitch, and that you couldn't blame the, you know, the performance of the team.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: No, let's not get hung up on it. I'm merely trying to establish, there was an analogy offered which you turned down, you said you were scorekeepers. But here you were, you were in the heart of those negotiations. Is that a fair and reasonable thing to say, from what you told us?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: In your lengthy career, was that the first time that you'd had that experience where you'd engaged with so many other people outside of a financial institution, or was that something just, that happened all the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: It was unprecedented.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Susan O'Keeffe: And, given that you said, for the earlier accounts, 2007, and you said that you got the contingency liquidity plans given to you by AIB when you asked for them.

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