Results 24,061-24,080 of 35,924 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: And was it just a casual-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Okay, and there's been no discussion in relation to the fact that you and he are coming before the banking inquiry?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Okay, Mr. Cowen I'd like to ask you in relation to the share price collapse in March 2008 and the fact that the Irish Nationwide Building was frozen out of wholesale markets and ECB funding at the same time, and the widespread knowledge that was there in the financial markets of the over-exposure to Irish banks to commercial property. So given those three factors, were you aware of those...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Were you aware of the over-exposure of individual institutions to property?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Yes, that's not the question in terms of the capital, their capital position, it's in relation to over-exposure to property. Were you aware that certain banks were over-exposed to property?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: No? And when the Financial Timeswere writing, for example, around St. Patrick's Day about Anglo Irish Bank and its over-exposure to property, were you just unaware that the Financial Timeswere writing articles of that nature?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Did you believe that they weren't over-exposed to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Did you at any time seek to find out, as Minister for Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Yes. Again, not talking about the capital position of the bank, but talking about their over-exposure to property and commercial property, did you at any time ask your officials, the Central Bank, the regulator, given the fact that very influential commentators on the likes of the Financial Times, others in terms of other banks, were advising people to sell their shares in these institutions...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Of course, it's relevant, but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Yes, and I appreciate that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Mr. Cowen, we now know, I think we can determine, although the committee will be making its findings at a later stage, but I think the Irish public have made up their mind that certain financial institutions were over-exposed to property lending. The question I'm asking again is did you ever ask anybody, lift up the phone, ask your officials, based on what was being written about in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: For you, Mr. Cowen, when was the moment when the penny dropped, where we have institutions that were over-exposed to financial ... to the property sector? When was that, what period was it, what period of time was it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: That's the autumn of 2008? So, up until autumn of 2008, are you telling the committee that you did not believe or you didn't have a knowledge that some of our financial institutions were over-exposed to property?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: It's not ... it's about the over-exposure and not ... and it may never have materialised if property prices kept on going up for a couple of years. But, no, that's fair enough, if you weren't aware of it until autumn of 2008. Can I ask you in relation to the dinner you had with the board of Anglo on 24 April? You mentioned that you didn't take any notes; you say that there was ... you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: And can I ask you, just if we go to, in the committee secretariat, we go William Beausang's core documents, which is DOF 01 B02?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Okay. We'll try and get up on the screen. It's headed Tánaiste - from William Beausang, and it's a briefing, "as requested below". The briefing on banking sector issues on 24 April 2000----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: It's DOF 03372-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: No, the question I have is the briefing note that was prepared and I've already asked the question of William Beausang in relation to this. The briefing note that was prepared for the Tánaiste, for the Minister for Finance, which is dated 24 April, which coincides with your meeting with the Anglo board-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: The suggestion ... sorry, the suggestion was that briefing note may have been for another group of bankers that you were meeting around that time but your official diary doesn't suggest it.