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Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: I thank Mr. O'Regan. Mr. Doorly said in his opening statement that INM was not a participant in the property industry. When the INM group bought www.propertynews.comin 2006, the chief executive of INM said, "The combination of PropertyNews.com and INM's online and newspaper operations will allow the group to offer estate agents and home owners an unrivalled package." What was the signal to...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: To be clear, it was buying into a part of the property business at the time, was it not? No? I do not understand.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: It was a business deal.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: May I put a question to each of the witnesses?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: There was a development on Cape Verde, an island off the coast of Africa. During his tenure, Mr. O'Regan's newspaper ran one article per month between the end of 2005 and 2006 on this development. I cite this as an example of the kind of promotion given to a particular form of property development because I want to ask him about it. How did the journalists get to Cape Verde and what kinds...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Both newspapers. Several journalists were involved in promoting it as a place to invest money.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Were they taken out for free?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Mr. O'Regan does not know, although he was the editor at the time.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Why does he not know? He was the editor at the time.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Does he think that was okay?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Mr. O'Regan said in response to Senator MacSharry that part of his remit was to give people what they want to read. I am puzzled.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Sorry, I wrote the quote down differently.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: His remit is what they want to read rather than what journalists should be doing in terms of seeking to challenge power.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Right. Finally, can Mr. Doorly give us some idea about this? Obviously Irish News and Media, INM, was a public company listed on the Stock Exchange with a board of directors all during this time.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Without naming names, could Mr. Doorly give us a profile of the type of people who were on the board during that period?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: People are more interested in the Irish ones.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: The point I was trying to make was that on that board at that time the company would have a representative of stockbrokers, the chairman of Allied Irish Bank, two former politicians, a director of the Central Bank and also another member of AIB. I was trying to give people a feel for the people on the board of INM at the time. They were not newspaper people.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: In addition to those, I know there were others.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Susan O'Keeffe: Finally, my question is what sort of ethos would the board of the company lay down, given that it is a public company with shareholders who are looking for a return?

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