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Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Thank you, Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Could we have clarification as to when Mr. Browne, exactly, left the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Thanks, Chair. Mr. Browne, I know that you say you haven't read the Nyberg report but I'm just wondering ... they ... in the Nyberg it says that the ... it observes that the Financial Regulator raised concerns over the shortcomings in Anglo's risk function, but it isn't clear whether the risk committee or the board saw the letters relating to that. So, do you recall ever seeing that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Okay. So that means literally that - you don't remember.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: That's fine. That's fine. Broadly, what share of responsibility would you say that Anglo would shoulder for the banking crisis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Right. Significant. Is that - you're the man with the figures - is that more or less than 50%?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Okay. I have to say I am wondering, in fact, why your own statement to this inquiry is so short, Mr. Browne. It's two and a half pages long. I think it's the shortest statement we've probably received. Was there a reason why your statement is literally that short?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Okay. In the book, The FitzPatrick Tapes, and don't worry this is not contentious, it's an observation made by Seán FitzPatrick himself, and he was talking about how, after David Drumm had been appointed, he said well:The bank was about lending. ... The lending guys were all about Lionel Messi. They were all strikers. They were the pop stars. They were the guys who were making the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Was it lending at all costs?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Although Mr. FitzPatrick does say they didn't worry about how the money was got to give to them. I mean, he's ... he's saying that himself about your own bank.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: You've said several times, Mr. Browne, that when you left the bank in September '07 that it was in - I think you used the expression - "rude health". Mr. Moran, when he gave evidence, on page 76, he was talking about how it had started. He said, "the start of the liquidity crisis or the first signal that became available in the market", that was August 2007, and then he goes on to talk...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: So why then does the ... did the liquidity crisis start and then why was that of not ... no concern? Why do you not rate it as a concern?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: But what was that about then? What was the tightening ... why is he saying that and why have plenty of other people said it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: Although he says August, I think Northern Rock was September, but-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: -----do you still maintain-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: -----you didn't-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: You said at the start that when you came back to Anglo ... when you'd been asked to come back by Mr. FitzPatrick, that I think you returned to manage the wealth management division. Is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: And so, tell us, was the wealth management division, was that high net worth individuals?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Susan O'Keeffe: And, as I say, what did that involve though? Was it about high net worth individuals or-----

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