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Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: To go back to the salary position and the whole incentive structure, that I know you explained in great detail, in relation to yourself did you then ... were you then eligible and did you get a bonus in each of the years in which you had that position of managing director?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Did you ever invest in property yourself?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Other than investor-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Were you aware at any point during your employment... did the bank invest equity in any of the property transactions for which it had also provided debt finance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Was there anybody working in your division that was not eligible for some kind of bonus?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: They were all eligible. Okay. Did you or any of your colleagues ever partake of any hospitality with developers or with borrowers?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Did colleagues ever talk about being involved with hospitality with borrowers, going to football matches or whatever, there were lots of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Going back again to the guarantee, I think you said earlier in response to one of my colleagues that you were surprised, I think, when you were asked for your opinion, you said you were surprised. You said you had been led to believe from internal discussions that two banks might have been left out of the guarantee. So just maybe talk us through what kind of internal discussions, who was...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Compromised to what end?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: So was the conversation that these two banks were going to be the ones to pull it all down or did-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Okay. But what about AIB and where it stood? We have already referred to Eugene Sheehy's observations. So what were you thinking?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: At that point, what were AIB saying about themselves? Were you guys talking about your own capacity to be insolvent?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Just tell us what kind of time period are we in here, August, September, mid September? Can you try and just-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: So there was a very clear understanding at senior level in AIB that things were getting very serious-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: -----for everybody including yourselves.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: And that it could be fatal.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Okay. Given ... I know that you weren't directly involved with the bank guarantee, but do you ... obviously that message was taken then. That must've been a key message going-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: Obviously for yourself, you have expressed your own regret and your own concern about what happened in your time. Do you think that you might have resigned given what happened? I mean, I know you left, but I don't think you used the word "resign", even though you acknowledged that your division took the bank down.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Susan O'Keeffe: I wasn't meaning to, I just-----

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