Results 23,021-23,040 of 35,893 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Well, given the fact that we know that €2 billion from the financial institutions that went into NAMA of loans that were issued, had to be written off basically - the security wasn't perfected and the majority of them rested with your bank - do you not think that there was a serious issue here, which this audit was outlining to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: But can I put it to you that the reality that we're dealing with today is that, according to NAMA, €2 billion of loans issued by financial institutions, of which the majority of them rested ... originated from your institution, could not be pursued because the security was not perfected? So, it's not ... it doesn't seem to be the case that this was just a delay, that the letter was in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: That's fair enough, but is the responsibility not with you, as head of lending, not to issue the money before the perfection of security is there?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Do you believe that the security was put in place in all of these loans, despite what NAMA has told this committee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Do you take any responsibility for that as head of lending?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Okay, and ... but you take responsibility up until that period. Is that what you're-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: -----telling me? Can I ask you ... it was mentioned in terms of the culture of lending within the bank and it was talked about in terms of the auction ... evidence that we've had ... you've mentioned that you haven't read the Nyberg report, but have you read Anglo Republic?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Book by Simon Carswell.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Okay. The opening chapter of that there deals with the biggest transaction in the history of the Irish property bubble, a transaction that totalled €1.165 billion. It suggests that the property that was purchased was purchased at 2 o'clock in the morning. A manager from Anglo landed with a bank draft for the purchaser ... to the ... for the purpose of the purchase of that property....
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Well, it's in ... it's in the prologue of ... it's the opening chapter ... it's the opening words of Anglo Republic. It's the Jury Inn property and it was ... the question is in terms of the ... the ... the ... the culture-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: -----is this the type of activity that was going on in Anglo?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: But did we have ... the question I am asking is, did we have - as is reflected in this book - at around 2 a.m., a senior lender from Anglo arrived at William Fry with a bank draft for €1.165 billion? Is that ... was there-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Yes, there was a process.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Okay, so, there would be an upper limit for-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: It all sounds absolutely fantastic and it sounds great, bar the small point that the bank cost the State €30 billion as a result of loans ... the loan ... the loans that were issued.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: It sounds very robust and-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: We've seen ... there's figures in Vol. 1, on page 57, for 2008 but they reflect also a similar pattern in 2007 - and this is on page 57 of Vol. 1 - and it's the exceptions to group policy lending credit policy. We're seeing an average of about 25%. So, what of all your loans are exemptions ... exceptions to your own policy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: How do you stand over that as head of lending?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: What-----