Results 25,501-25,520 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: In the recorded minutes ... the minutes record that Colm Doherty and Eamonn Hackett of AIB had a meeting with the Financial Regulator on Saturday, 6 September 2008. Also in attendance were senior representatives of Bank of Ireland, as well as the company secretary and treasurer of what we now know was Irish Nationwide Building Society.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Do you recall these events or discuss -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: The minutes of 7 September report Mr. Doherty as saying: "The funding profile of the institution [which is Nationwide we now know] was weak, and it was unlikely to be able to refinance funding that was maturing periodically over the ensuing year, commencing in December 2008." It goes on to say, "The quality of loans was suspect and could require write-downs ranging from a benign 13%...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay, and the minutes report that Mr. Sheehy told a representative of the Financial Regulator that, "...it was his [Mr. Sheehy's] understanding that the institution's loan portfolio would required (sic) to be written-down substantially, and, accordingly, that if AIB acceded to the FR's request, AIB would, in due course, probably have to incur a write-downs (sic) of €1bn on the funding...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay, and Mr. Gleeson if a bank had to write down its loans of 50%, which, based on what you're saying, is AIB concurred with this situation, would that not make that bank insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: So, three weeks before the guarantee would I be correct in saying that AIB had a view that Irish Nationwide was insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay, okay. And your view in relation to Anglo Irish Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: I will move on to something ... again going back to the night of the guarantee. Mr. Gleeson, your colleague, Eugene Sheehy, in notes of events occurring on the 29 and 30 September 2008 ... and it is again in book of evidence AIB C3b, Vol. 2, page 38. I will quote the section for your attention ... said that, in relation to the original Government draft announcement on 30 September ... and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: On that night, did you see ... did AIB see a draft announcement that the Government intended to issue, that included that line ... that included that statement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: And you advised against saying that the individual institutions were solvent ... for the reasons ... why ... what were the reasons?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: You didn't think they were solvent. And the Government acceded to your request to remove that statement from their announcement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Mr. Sheehy's ... Mr. Sheehy's note says that there were also issues in the Government draft. So, I take it from that there that was a draft-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: -----and the final announcement did not include a statement saying that the system was insolve ... solvent and the institutions were insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: And AIB requested them to take that reference or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: It's attestations by the Financial Regulator, that was what was to be in the statement.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Mr. Gleeson, are you familiar with-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Mr. Gleeson, are you familiar with a project called Project Omega?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: At any consideration ... did AIB consider taking over Anglo Irish Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: That wasn't ... you weren't requested-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: From the chairperson?