Results 25,401-25,420 of 35,925 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: So you don't dispute anything in the memo.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: You may not remember or recall certain events but the memo is correct.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: So can I ... can I ask you a question in relation to the memo that you took? First of all you say, and this is the same book, page 37, "The Government submitted a form of guarantee, copy attached."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: Do you have the copy of the form of guarantee that the Government submitted?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: What did you do with it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: No, it's just ... let me maybe clarify this here.The Government submitted a form of guarantee, copy attached, which in our view, while inspirational in terms, is not what we were all looking for and fell short of lack of specificity. We had drawn up an alternative which included language that was more specific. So it is very clear from this memo that you took a number of days afterwards...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: So the memo that you took, did you just keep it for yourself personally? Or did you give it to AIB or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: Okay, so it's clear from this memo that there was a copy of the draft guarantee attached.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: And that's not ... that's just not to be found at this point in time to your knowledge?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: Okay and we had drawn up an alternative form, and again the alternative form is not available to anybody at this point in time either.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: And in relation to the point where, I think it was the fourth interaction, which was the bilaterals, you say that:there were also issues in the Government's draft which we were uneasy about relating to the attestations by the Financial Regulator that the system was solvent and that all banks were solvent. We felt that there was clearly a risk in this statement. Subsequently the Government...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: Verbal?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: Yes that's quite interesting, because you say it now, and I'll point out the point that you say that it was the Government's draft that you were uneasy with and not verbal communication but that has just been noted. You say ... you give a reason why you were uneasy with the statement of solvency and you said that "if market participants purchased shares in companies, once the guarantee was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: Did you believe it was un-factual to say that these were-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: But Mr. Sheehy ... Mr. Sheehy, when you left that meeting, and correct me if I am wrong, but from the evidence we have heard, when you left that meeting and when you asked for the insolvent ... the statement of solvency of the institutions to be deleted, that you believed that you were only referring to four institutions that were going to be guaranteed by the Government. And the question I...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: You say in this memo again-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Pearse Doherty: I'll finish now. You say that the reason that you wanted this deleted was that, if company ... participants purchased shares in companies, once the guarantee was issued and it subsequently transpired that these companies were not as strong as contended.