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Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: A short statement.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: But no big Cabinet discussion in relation to-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: Okay, so just raising an issue of concern in the future.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: Mr. Gormley, you mentioned in terms of the theories that are out there, you know, and the three parts, which the third part were that the Green Party was ignorant of everything that was going on. And you say that you have no evidence to suggest that that was the case. Can I ask you: did you, as leader of the Green Party ... or when did you become aware that there was legislation drafted to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: Okay, were you aware that legislation-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: Okay, yes, that's fair enough. And were you aware that legislation was drafted to guarantee the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: And outside of speaking to a journalist, in the form of Mr. McWilliams, were you aware that the Minister had been engaging with the Central Bank in relation to a guarantee, in relation to nationalising institutions prior to the phone call that you got?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: You're referred to in ... Mr. McWilliams's e-mail as the "kingmaker" of Government, but can I ask you: what is the evidence that you actually knew, or your party knew, what was going on in relation to the banking crisis, the nationalisation, the guarantee, all of the twists and turns that we've been investigating for the last number of months?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: I understand ... look, I understand that and you've given that evidence. Many people have been speaking to David McWillams. Most people aren't senior members of Government during the financial crisis. But can I ask you in relation to the evidence that you've given earlier on, that you became aware that Anglo Irish Bank was insolvent some days before the nationalisation of Anglo Irish Bank,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: Okay, and Ms. Harney?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: And did he tell you that he believed that the bank was insolvent at that point in time? How do you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: Yes. And the key question I have is ... you've mentioned that you became aware of the insolvency of the institution and that's an important point so how-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: No, I'm not looking for the time, as such; I'm asking in terms of did somebody tell you that they believed that Anglo was not solvent anymore?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: Okay, and the evidence that we've had heretofore in the committee from John Hurley, for example, from the Taoiseach, Brian Cowen, is that the issue of nationalisation of Anglo Irish Bank because the Government had decided, and notified, indeed, the ECB on 8 January, that they were going to inject capital into the bank, and, on 15 January, they decided to nationalise. But the evidence...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: Well, I would like to test previous evidence with the witnesses-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: Yes, like, for example, the Chairperson asked Mr. Hurley what happened between 8 January 2009, when the Government had notified the ECB to recapitalise Anglo, and 15 January 2009, when they made the announcement to nationalise it. And the summary of what was said at that time was it was consequences that ... in terms of ... misgivings about putting capital into Anglo, particularly in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: -----Mr. Cowen. But at no stage have we heard that Cabinet members or Government believed - to my knowledge - believed that Anglo was insolvent at that time, which means that there was significant loan losses in the institution. So I'm just asking ... with that in mind.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: But, Ms Harney, can I ... maybe to be helpful, the minute the Government nationalised Anglo Irish Bank, it no longer became insolvent-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: -----because it was now a nationalised entity.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Pearse Doherty: So, are you still of the view that you had a belief at that time - whatever time it was - that at a point in time that you were informed that Anglo Irish Bank was insolvent?

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