Results 23,961-23,980 of 35,924 for speaker:Pearse Doherty
- 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?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: So if INBS were to lose the likes of €2 billion, which is suggested by David Doyle on some assumptions, would you have been aware that it would be extremely difficult for them to get back into the markets to raise that capital, given the fact that they've been shut out for six months prior to that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: So if there was losses of this nature would it not be the State that would have had to step in?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: No, I'm not saying nationalise.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: Even if you were guaranteeing it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: But the question I asked you earlier on was when was the first indication or suggestion that capital may be needed for the banks? And you talked about the PwC report in November. What I'm saying to you, is this not a suggestion that capital may be required by banks which were locked out of the capital markets for months at that stage, or at least one of them was locked out, and therefore the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: Well, the Irish Nationwide had capital of just in excess of €2 billion, so it wouldn't necessarily be insolvent under that, but you would need to take it back up to the capital regulatory capital requirement. Wouldn't that be the case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: Okay. Can I go to ... can I go to David Doyle's testimony to the banking inquiry, on page 115, and David Doyle, under questioning by myself, talked about there was a consideration that illiquidity would rapidly become insolvency, this is on the night of the guarantee. But, I pushed him in relation to, setting aside that risk of an illiquid bank becoming insolvent, was there an analysis,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: But, what I'm ... the point I'm making, Mr. Cowen, is if this was simply just a liquidity problem there would be no sense on anybody arguing to nationalise banks on that night, if you were going to give a guarantee to the other institutions, because the guarantee should solve, at least temporary, the liquidity problem. The reason that there was two very senior individuals, the Minister for...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Pearse Doherty: I'm not-----