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Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: Okay. Can I ask you, how did this event come about?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: Before you landed there, did you know that it was mainly Anglo individuals, either directors or the head of Anglo that was going to be there.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: The only-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: -----type of person that wasn't involved in Anglo was somebody in the Central Bank and the driver who drove you to the venue.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: And, given the fact that we've got three individuals, former directors ... directors of Anglo Irish Bank and the head, in the form of Seánie FitzPatrick, and a member of the Central Bank, it's been put to you that the narrative that you put in the Dáil stretched credibility, that issues around banking were not discussed. How do you respond to those type of accusations and, maybe,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: -----that no discussion on banking took place-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: -----with these directors-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: -----heads of bank and the former ... or, director of the Central Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: Was there-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: No, that's fair enough.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: But can I ask you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: -----did you discuss any banking issue? So you discussed the economy. This is in July. The major issue that's happening in Ireland, and correct me if I'm wrong here, is a massive financial crisis where we know that the Government are sanctioning legislation to potentially guarantee banks, nationalise banks. There is an international financial crisis. We have three ... or the ... a...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: Mr. Cowen-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: -----you've been accused of overruling Brian Lenihan on the night of the guarantee. This was said by Governor Honohan in a book on Brian Lenihan and repeated by the Governor when he gave evidence to this committee on 15 January 2015. What do you say to the accusations that you overruled Brian Lenihan on the night of the guarantee and that Brian Lenihan informed the Governor of that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: Finally, can I ask you again, it's just the earliest date, the earliest point in time that you heard the suggestion that the banks needed additional capital and that capital might come from the State.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: Just a very quick ... I was asking just for the timeframe, the earliest suggestion that you heard ... because there was a number of reports-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: Thanks. I want to go to Vol. 4 of the evidence books, page 45. And I want ... you were at this meeting, Mr. Cowen. It's a meeting dated around 25 September 2008, and it's the note we've referred to on numerous occasions in the committee. It's the note of the minute of the meeting. It talks about the Financial Regulator saying there is no evidence to suggest that Anglo is insolvent in an...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: That's what the minute says. But regardless if it's after capital or before capital and that's been disputed by certain people, does it not suggest that there are substantial loan losses running in the billions of euro in two of these financial institutions, on some assumptions?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Pearse Doherty: Okay. And were you aware that INBS was locked out of the market since March of that year, 2008, at this point?

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