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Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: With respect in terms of the political, I'm not asking you to name them, but if-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: Yes. That wasn't the purpose of the question. I was-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: In fairness, thank you for saying that. I suppose the nexus between the political establishment, the bankers and the developers has been much discussed by the public in the last God knows how many years. That's the whole purpose of this exercise. All I was trying to establish was whether or not any Members would have been involved because obviously that's quite important because that might...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: I was not asking for names, Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: I didn't ask for names.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: I'm not asking that either, Mr. Daly, with all due respect.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: All I'm asking, simply, is whether or not in that cohort of people, your debtor ... your connector ... connections, there were, among those people, people who had taken out serious loans - you were involved in big borrowings - whether any of them were members of Government, serving members of Government or the Oireachtas in that period of time. That's what the question was, plain and simple,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: Okay. Can I ... it's a small clarification, if I may, Mr. McDonagh, I know that you've answered various questions about the night of the guarantee. Just to be clear, the two other gentlemen that were in the room with you, can you recall, Mr. Beausang and Mr. Ó Riordáin, whether or not they came or went or whether they stayed there all the time, or do you remember, because I know...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: But nobody left the room until----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: We can check.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: Can I ask you, am I clear in understanding that the NTMA came under pressure in December 2007 in relation to those deposits? I am not now talking about 2008; I'm talking about 2007, December, 2007. Is that correct ... in relation to the NTMA deposits in banks, and that there was pressure put on to keep, either to keep to them or add to them? I'm not clear, I don't know, I am asking you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: Given that you had already started those conversations back, I think you said earlier in response to someone else, in August 2007. You were already ... concerns were emerging. Did the NTMA write or e-mail or phone or put down those concerns in any other way to the regulator, to the Central Bank, to anybody, to the Banks themselves? Is there a record of those concerns?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: And for yourself, would you have in that period of time, I am talking again still I suppose between August 2007 and August 2008, would you personally have ever in an e-mail in to your boss, or bosses, put your concerns or thoughts or views about the stability of the banking system, about the ... perhaps the crisis, for want of a better word, impending problems to them? Whatever they did with...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: So there was a shared knowledge, am I in correct in understanding that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: But not necessarily in writing? Am I ... I'm sorry I'm just trying to be clear here. But not necessarily, formally in writing.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: How soon after the night of the guarantee did you meet with Minister Lenihan again and in what context and how did your relationship with him start then in terms of the future legislation and the work that you did? Would you say you knew him well?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: I am about to run out of time, so I'm sorry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: Can I just ask you something in particular. Did Mr. Lenihan in that time post the guarantee ever observe to you that he was, you know, concerned or that they shouldn't have done what ... or did he have reservations about the guarantee afterwards?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: Thank you. I have two clarifications. Mr. McDonagh, when Mr. Cardiff came and said there is a guarantee in place for the banks, he did say they were for all the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Susan O'Keeffe: Did he ask for your opinion on that?

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