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

Ciarán Lynch: As we have a quorum, the Committee of Inquiry into the Banking Crisis is now in public session and can I ask members and those in the public Gallery to please ensure that their mobile devices are switched off. Today we have a number of sessions and this morning's, in session No. 1, is a public hearing with Mr. David Begg, former general secretary of ICTU and non-executive director of the...

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

Ciarán Lynch: Once again, welcome before the committee this morning, Mr. Begg and Dr. Dunne, and I believe Mr. Begg will verbally make his opening remarks for us. So, Mr. Begg, please.

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

Ciarán Lynch: Mr Begg, we are over time.

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

Ciarán Lynch: Thank you very much.

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

Ciarán Lynch: Okay, thank you. Mr Dunne.

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

Ciarán Lynch: Thank you very much, Mr. Dunne, for your opening statement and also Mr. Begg. If I can begin questions this morning and invite in Senator Susan O'Keeffe. Senator, you have 25 minutes.

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

Ciarán Lynch: Yes, and can I just finish on that point before I bring in Deputy Higgins. We had the Financial Regulator's office, Mr. Begg and Mr. Dunne, and then we had the Central Bank. In the Honohan report, there's a very explicit statement, which says that despite the Central Bank's primary responsibility for financial stability, it was, in fact, the Financial Regulator side, not the Central Bank...

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

Ciarán Lynch: Mr. Begg. Or-----

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

Ciarán Lynch: And that's what I want to tease out with Mr. Begg. In regard to that comment by Professor Honohan, what would your own opinion be?

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

Ciarán Lynch: Would that be-----

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

Ciarán Lynch: And in that regard, and I'm putting the question to both of you again, and then I'll move swiftly on to Deputy Higgins: what we're talking about here is that there was, sort of, micro behaviour taking place over in the regulator's office in regard to microeconomic factors and such. The regulator's office primary duties were in two areas; one, consumer protection and the other one is the...

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

Ciarán Lynch: To get harder.

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

Ciarán Lynch: Okay. Mr. Dunne?

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

Ciarán Lynch: Okay. Deputy Higgins.

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

Ciarán Lynch: What page is that, Deputy?

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

Ciarán Lynch: Of which document is that?

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

Ciarán Lynch: On the right hand corner of the page.

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

Ciarán Lynch: Thank you

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

Ciarán Lynch: Which page are we there, Deputy?

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

Ciarán Lynch: Yes, okay. Fire away.

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