Results 25,461-25,480 of 33,581 for speaker:Catherine Connolly

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I want to know about the decision-making procedure behind it and why it happened. I want to know about the outstanding promissory notes, which did not become bonds. Most, but not all, of the promissory notes became bonds as a result of the IBRC going into liquidation. Is that correct? It triggered that process.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: They were all changed into bonds.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Are there any promissory notes outstanding?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Please explain the decision-making process.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Why did that not happen before then, if it was beneficial to the State? Why did the liquidation process trigger that?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It was not a runner while it was a going concern.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Why?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It would have disadvantaged Anglo Irish Bank.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: We disadvantaged the country-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It was nationalised at that point.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I wish I had a few more hours given what I am hearing. I need an interpreter. The board needed to act in the interest of the bank, so it was not suitable, appropriate or financially rewarding to change the promissory notes into bonds at that point. Is that it?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Speculation is exactly what happened with Anglo Irish Bank. What is the cost at present of servicing the debt that we incurred for the banks? What is the outstanding debt and the cost of servicing that debt per year?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It is important to say that slowly. It is €1.7 billion in the context of us not knowing how many died on the streets since August and a housing and health crisis. It is €1.7 billion on servicing the debt alone for the money borrowed. It is not all of the money used to bail out the bank, just the portion that was borrowed.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: The Comptroller and Auditor General is a very fair man. He puts questions as to this being an estimate and so forth. However, I am looking at what has happened here and the cost to the country. It has been clarified by Mr. Rankin. The bank must do what it must do at that time for the purposes of the bank, even though the bank was gone.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I am shuddering at what has happened-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I do not have time to discuss all the banks. I was focusing on that one. I am shuddering at what has happened as a result of bailing out that bank and other banks in the manner in which we did. To this day we are still struggling to get accountability for the liquidation of one bank and the costs. Deputy MacSharry has gone into this in detail. People are dying on our streets and a...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I understand and respect that. However, the witness did shudder with regard to what would have happened if the banks had not been bailed out.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: An economy cannot function without healthy people.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It cannot function without people having homes. Decisions were made to save banks that should not have been saved. In addition, it was under pressure from Europe. I realise the witness cannot comment on that.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I am concerned with two issues. One was AIB, which I think has been touched on. Why was the decision made to sell the 29% share at that point, and how was that decision arrived at?