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Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: Was it just pursuit of market share?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: Why?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: So in fact we're raising a red herring here, we shouldn't be worried about it, it didn't really make any difference anyway?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: We know that, we've heard of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: Mr. Gallagher, I know that you've said that you were not involved in the night of the bank guarantee and we accept that. However, Mr. Boucher, from Bank of Ireland, told us yesterday that, you know, he'd met with the Financial Regulator at the beginning of September to discuss INBS, and that it was very serious, and that, from memory, he'd been asked for a quantum of about €4 billion,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: No, I'm not just looking for a statement of fact, Mr. Gallagher, what I'm trying to get at is what was going on inside the bank, were people talking and discussing it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: I'm sorry, Mr. Gallagher, I'm going to interrupt you because of the time constraint, I'm not talking about the year, I'm talking about that month. I'm talking about the fact that it was now clear ... people must have been out there talking, the dogs on the street, to use that expression, knew that INBS, knew that Anglo, were in perilous state. I want to find out whether, in Ulster Bank, you...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: So you felt safer.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: I'm sorry, well, it's a question. Did you feel safer or not, because of the support of RBS?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: Okay. I want then, if I may ... I asked Mr. McCarthy yesterday about the fact that some of his statement looked like some of yours and he explained that he'd been briefed, and you acknowledged this morning that you were briefed also, by Ulster Bank, and given that you both left the bank ... all of you left the bank. I have to say though I am very puzzled by the response that you've made in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: Yes, Mr. Torpey, it is.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: But, Mr. Torpey, that's not to answer the... you mean you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: Sorry, Mr. Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: But-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: This committee has tried both with Mr. McCarthy and with yourself to try to get to the bottom of what were the challenges being raised, the queries being raised and both of you have opted to explain to us that the Financial Regulator was very formal and that it was very on the ground and he wrote everything down. Quite frankly, it's odd that your answers are both so similar to what has to be...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: Thanks, Chairman. Mr. McArdle, can you just confirm to me the evidence that Mr. McCarthy gave here that said stress testing tests were supplemented by macroeconomics stress testing, involving input from Ulster Bank Group economics, and John FitzGerald of the ESRI. Is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: And he also went on just to say later we had stress testing from the ESRI. So that's...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: You accept that. Okay. So Mr. Beggs, I am just puzzled here because Mr. FitzGerald-the ESRI did do stress testing for the Ulster Bank. And I think you said that one of the reasons that there was some problem with funding or that the ESRI couldn't take on a private job, so in relation to your own remark.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: When was it, Mr. McArdle?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Susan O'Keeffe: Okay. Did you realise that had happened?

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