Results 25,581-25,600 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: This is a request for approval of exception to the large group ... large exposure-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: -----policy limits.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: No, no. And in relation to the request?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: And the board only got the three pages in this case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: And would that be the normal situation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay. Okay, in relation to this case. Let's just walk through this case in particular-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: I understand.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay. In relation to this individual, which is one of your larger exposures ... we can see from Project Atlas in page 19 the different types of exposures you have, so this individual is definitely in the top five. In September '07, the board had approved that underwrite ... written ... €789 million. A number of weeks later, on the 5 December '07, a request came for €202...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Would I be right in saying that this was at the peak of the ICG shares in November 2007 or around that period and they started to decline at that stage?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Okay. And €30 million was for planning ... or was for a development where planning permission refused for 737 apartments and 270,000 sq. ft. commercial space rejected by An Bord Pleanála on the basis of infrastructure and so on. Then there is €138 million to be clear in 12 months, designated site, substantially complete, €90 million for sites - and we don't know...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: But the point that Brendan McDonagh and Frank Daly were mentioning is the point about the gearing is that most of this person's wealth and you mentioned at the start, it's mentioned at the start his net wealth worth is €3.2 billion. Is it not the case that most of this is a result of lending, by AIB, to the individual and the equity that responded from the first loan went to pay the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Many of these cases didn't work out the way that you expected.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: One final question and it's a short one. It's in relation to and again we have a document here, the same booklet AIB B2, Vol.1, page 25. It's another advice to the board re approval of exception of group large exposure policy and this is for €11 million to increase the individual's exposure to the bank to €322 million. This is, I believe, to buy 1.75 acres in some place where...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: But that meant, as was said yesterday, that the only person who would be caught out, in a worse case scenario, is the bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Pearse Doherty: But if he hasn't put any money up-front himself, hypothetically speaking then, there's very little skin ... there might be a bit of sweat on the building site but he hasn't put any cash on the table.