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Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Thank you. Deputy Doherty.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Let me just clarify this. I suppose, it's a very simple ... I see where Deputy Doherty is coming on this. Are you stating a position that this is Depfa's position or are you advocating Depfa's position? Because in the statement to Mr. Farrell it says, it's the third line down, there under the word "Kevin", "We believe that support for ACS is now of significant importance and urgently...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: So, like that would ... could be construed as an advocating position, rather than just a statement of fact that somebody has a difficulty here, can you make a position on it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Deputy Doherty, and we will wrap up then.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: I'll need to end this there, Deputy. With that said, is there anything you'd like to say by means of a closing comment, Mr. Farrell?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: So, with that said, I'd like to thank Mr. Farrell for his participation today and for his engagement with the inquiry, and to now formally excuse the witness. In doing so I propose that we suspend until 4 p.m. I propose that we suspend until 4 p.m., to return in private session until 4.30 p.m. and then we'll deal with the engagement with Mr. McCarthy subsequent to that. Okay, is that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: So we now commence our next public hearing with Mr. Dermot McCarthy, former general ... Secretary General, Department of the Taoiseach, and Secretary General to the Government. The Committee of Inquiry into the Banking Crisis is now resuming in public session. And can I ask members and those in the public Gallery to ensure that their mobile devices are switched off? The ... as ... at our...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay, once again, thank you, Mr. McCarthy, and if I can invite you to make your opening statement please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Thank you very much Mr. McCarthy. If we can begin our questions this afternoon and I will invite Deputy Eoghan Murphy to commence them. Deputy, you have 25 minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Yes, it's fine. Here we go.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: That's a more inclusive blanket guarantee, Deputy, yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: We know the decision wasn't made until the Tuesday evening or the Monday evening, but it's the formula or the shape in which the guarantee was taken on, Mr. McCarthy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Can I just ask what was ... maybe to assist you in answering that, Mr. McCarthy ... is that we completely understand the confines of Cabinet confidentiality and so forth. But in the interim period between the one Cabinet meeting and the other Cabinet meeting, discussions, correspondence, other modalities may have been in play. And in respect of Deputy Murphy's question with regard to the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay. Thank you. Back to yourself.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Final question now, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Final question now, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay, right we are moving on. Senator Marc MacSharry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: As you can testify this afternoon, Mr. McCarthy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay. Thank you. Mr. McCarthy, I'll just deal with one or two issues and propose we might take a little bit of a break then. Mr. McCarthy, on ... Kevin Cardiff stated in testimony that a one-page draft guarantee document was produced on the night, this is the night of the guarantee, and it was copied and was circulated. So, I'll just bring up ... it's coming up there, Mr. Cardiff's...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: But who put the first draft of the 12 manifestations of that draft onto the table, Mr. McCarthy?

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