Results 24,841-24,860 of 35,925 for speaker:Pearse Doherty
- 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-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: -----Merrill Lynch only had a number of days and suggested extreme stress case in INBS, their capital is nearly entirely wiped out and Anglo's capital depleted by about 80%-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: -----leaving them close to insolvency.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: You dispute ... is that what your evidence is?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Mr. Neary, this is ... sorry to interrupt you, this is the report that you're just after confirming that you had access to.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: No, there was a presentation, I think, a couple of days earlier-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: -----to Cabinet. This is a memorandum from Merrill Lynch, which details the summary description of the reviewed institutions, goes on to annex 1-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: -----and 2 and gives an outline of all of the capital, all of the issues and then the options in relation to the number of options that the Government would have in terms of guarantee, nationalise Anglo, liquidity and so on and so forth. This is the full report.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: You never had sight of this report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: So, when was it ... when did you get the report from Merrill Lynch? Sorry?