Results 25,361-25,380 of 35,925 for speaker:Pearse Doherty

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Okay-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Okay, I appreciate that. I'm going to move on because time is tight. You carried out due diligence on Irish Nationwide at the beginning ... at least it's reported that this was done prior to 7 September. Why did Bank of Ireland carry out due diligence on Nationwide?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Okay. I'm going to have to quote from AIB's board minutes of 7 September 2008. This is in reference to the meeting-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Is AIB board minutes of September ... 7 September 2008. They are in document AIB - C3b, Vol. 2, page 41. And this is in reference to the meeting that Bank of Ireland had with the regulator, with AIB, with Irish Nationwide, looking for liquidity of €2 billion each, from each institution, which you refused to give without a Government guarantee.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: And in that, it says that ... in that, it says that Bank of Ireland had carried out due diligence on Irish Nationwide and that there was an estimated 30% to 50% estimated by Bank of Ireland. The quote is, "The quality of the loans was suspect and could require write-downs ranging from a benign 13% estimated by the FR [Financial Regulator], to 30%/50% estimated by Bank of Ireland, which had...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: The key question is ... and you've answered this, that you never carried out due diligence, you never considered taking over Irish Nationwide, is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: That's fine.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Okay, that's fine. I'll just in last question I have, I want to talk about, again, the night of the guarantee. The minutes that suggested you had a draft guarantee would've been approved by the members at a later meeting that were present at the original meeting. Would that be correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: The minutes that suggest that the draft guarantee was produced-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Yes. Was produced for you, would've been approved by the members in attendance at that meeting at a later stage. Would that be correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Was that minute approved by the committee at a later stage?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Was that minute approved by the committee at a later stage?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: No, okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: My final question in this here is, you mentioned that you were informed around 2 o'clock by the Government - I think you mentioned the Taoiseach or the Minister of Finance - that all six institutions would be guaranteed. Can you inform the committee, was the AIB representatives at that meeting when that was said? And can you also inform the committee, why ... sorry, can you also inform the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: With the solvency, did you suggest that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Pearse Doherty: Sorry, the view is ... did you-----