Results 23,241-23,260 of 35,893 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Well, it actually has ... sorry, with respect, it has been disputed-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: -----in this ... in evidence to this committee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: By their claims - and at the minute their claims - in defining the facts also-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The question is, is it not the case that you were steering or the institution ... maybe not you, personally, but the institution was on a collision course with ... with a financial iceberg? It was going to happen anyway. You had €4.5 billion on euro medium-term notes due to mature between December 2008 and November 2009. Unless the crisis disappeared, it would be very challenging,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: No, they didn't. With respect, Mr. Fingleton, they did not have nationalisation legislation for AIB, Bank of Ireland or, indeed-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The point I'm making is that in relation to Nationwide ... in relation to Nationwide-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Nationwide was the first area that was identified as a crisis. This is where the legislation originated and it was amended then for banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Is it not the point ... going back to the core issue, is it not the point, given the funding difficulties that you had which you discussed at board minutes - and we have the minutes - about how you were going to try and refinance or repay that €4.5 billion ... given the fact that you were shut out of the markets at that point in time, that it was a ... an accepted ... that this was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Mr. Fingleton, you did not have enough liquidity to cover what was maturing in the following 11 months.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Well, can I just put on the record this here? The minutes of the meeting actually does not suggest that the liquidity available to the bank would actually cover this. It actually talks about retail deposits wanting to be increased by-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The minutes of the board of directors of Nationwide on 10 March 2008 deals with this issue, the fact that there was €4.5 billion going to mature. At this point, you're shut out of the markets. It talks about the society continuing to market and promote through its branches and trying to raise €1.4 billion. It talks about trying to squeeze €600 million out of the Isle...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: That's not the question. We're not disputing in terms of a theoretical moment in time-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The point is is that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Go raibh maith agat and fáilte chuig an coiste. Can I ask you, in relation to KPMG's corporate governance review in 2008, it states: Board packs are very detailed and at times lack clarity and structure. For example, there is little market and operational overview and salient financial commentary provided. Were you satisfied that ... as a board member and as chair of INBS, that you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: But KPMG are saying there that there was little market and operational overview and salient financial commentary wasn't being provided to you in the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: So do you agree with everything KPMG says or just do you dispute that part?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Okay. That's fine, if you're satisfied that you were fully aware. As to the commercial lending business when it particularly grew, were the levels of impairment and the changes in accounting rules clearly articulated to the board to fully appreciate the risks that your institution was taking?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: What about the impairments?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: We're not interested in the other society at this point in time.