Results 24,801-24,820 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay. Richie Boucher told the committee ... he said in his statement ... he goes, ''I recall being shocked and shaken by the lack of information available to the executives of INBS and the Central Bank of Ireland on the liquidity position of INBS." He went on to say:at some stage I said to my colleague, "We should leave this meeting". We said, "We can't carry on this discussion". How can...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay. Can you comment on the decision ... on why the decision to nationalise Anglo was not taken on the night of the guarantee and what was your advice to Government or the Governor in this regard at the time and can you discuss if nationalisation of Anglo earlier would have sped up the resolution to the crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: What was the arguments in favour? You mentioned that there were two options, when you went into, I think, the second meeting one was nationalising, one was a blanket guarantee, and the other was nationalising Anglo and a guarantee for the five other institutions. What were the arguments in favour of the second option, nationalising Anglo and guaranteeing the other five institutions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Got to that point.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Yes, but you weren't aware, you weren't in the room when those arguments were taking place?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay, I'll move on. Mr. Neary, Dermot Gleeson gave evidence to the committee ... he was talking about a meeting, the meeting the night of the guarantee, and he says, and I quote:During the course of the night we suggested to the authorities that a sentence in their draft statement about the guarantee, which said something like [quote] ‘Financial Regulator has informed the Government...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay. Mr. Neary, you appeared on "Prime Time" on 2 October 2008 to discuss the domestic Irish banking system and the Irish bank guarantee. You said, and I'll quote it back to you, "The important thing is that risks emerge over the lifetime of the loan portfolio, and it's important that there is adequate capital put in there to absorb those risks, and by any estimate the Irish banks are so...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Given what you knew about Anglo, you had the information in relation to liquidity, capital, concentration of lending, corporate governance, given what you knew about Nationwide, which you had all of that information, and the same, how were you able to make that statement to the Irish nation on that night?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: This is the final question. We have evidence, in this inquiry, from Bank of Ireland minutes, within days of you making this statement, that they were looking at an option of recapitalisation through the Irish Government. We know as a fact now that €10 billion was pledged by the Irish State within what, 70 days of you making this statement, that one bank was nationalised a number of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: -----withstanding any, any impairments that emerge in the ordinary course of business in the foreseeable future?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Thanks, Mr. Neary, again.. Mr. Neary, when I was asking you about the PwC assessment and the Merrill Lynch assessment, you said it was to confirm what you knew yourself. Can I ask you are you ... were you made aware at the time of the Merrill Lynch report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Yes. Were you made aware of the findings?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Were you satisfied with what was in it? Did it concur with your own assessments within the Financial Regulator in terms of the funding position and liquidity position and capital position of the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Maybe I will draw you to Vol. 2 of Patrick Neary core documents.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: It is the memorandum of the Merrill Lynch report and there's been a bit of discussion earlier on in relation to the David Doyle note and I'll just come back to that in a minute. In relation to Irish Nationwide, this is on page 52 when you're ready.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: In relation to Irish Nationwide, the Merrill Lynch report says ... it goes on to talk about the concerns of the influence of the chief executive. It says - this is the point here: "In the extreme stress case analysis the total writeoffs including loss of interest income would just deplete most of INBS reserves of €1.8 billion."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: So Merrill Lynch is coming to the conclusion at the night of the guarantee or just before it, that extreme stress case scenario, INBS's capital is nearly entirely extinguished. In relation to Anglo Irish Bank, they say: "If one was to apply INBS stress case scenario [to] the writeoffs ... would [by] deplete ordinary shareholders in the lower category subordinated debt of €7.5...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Yes, I am aware of that. So, the question is, as the Financial Regulator-----