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Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: Indeed. However, there could have been other offshore accounts; not just through the Ansbacher-----

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: No, I was just asking. If Dr. Byrne does not know, that is fine. Would it be fair to state the Ansbacher accounts were secret and offshore? Are those fair words to use to describe Ansbacher-----

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: ----- in minimal words? If one considers the property relationships between developers, bankers and some but not all politicians, some of that also comes through. There is a secrecy and there were a lot of offshore bank accounts. I wonder whether a sort of ghost of Ansbacher was still alive in the 2000s in respect of property development and relationships with bankers. Would Dr. Byrne...

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: When we talk over this period, I note Dr. Byrne has stated she is not aware of any secret and she asked if members had any.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: In previous times, in what way was money given to politicians where it was not disclosed or known about? People talk about brown envelopes all the times and is that what one is talking about? What did Dr. Byrne's research or her knowledge show her?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: Finally, Dr. Byrne recommended that the inquiry examine interest-free loans or mortgages on favourable terms being given to politicians. Is this a practice she believes has happened here? Is she aware of it here or was it just a generalised observation?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: Yes, it is the last question.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: In reading Mr. McDonald's book there is a thread that runs through it relating to private clients, high net worth individuals, coming together and forming private syndicates. In some cases he names some of those members and I am wondering whether he knew the names of others and did not name them or did he only names the ones he did know.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: Were politicians ever involved in these private syndicates?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: I was not asking for names. I am asking Mr. McDonald if any of the names is that of a politician, either at national or local level?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: In terms of the private syndicates, obviously people were offered the opportunity to make money. Does Mr. McDonald know if there was any tax benefit in the way the syndicates were structured?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: Obviously, some of the syndicates set up parts which were offshore or out of the country.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: Would that have helped, in any way, any of these high net worth individuals?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: In a way, along with the capacity to create a profit, in borrowing to build, there was also this other piece that could offer that opportunity.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: I do not know if Mr. McDonald knows the answer to this question, but I will ask it. In regard to the Asset Covered Securities (Amendment) Act 1997, was there a noticeable change in the way commercial lending occurred after that?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: Mr. McDonald mentioned in his book that Government Departments and semi-State bodies were, if one likes, tenants of some of the developers. Will he explain whether this, in any way, contributed to the closeness between them or was it just because they had to locate somewhere?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: In Mr. McDonald's knowledge, was it done through people knowing each other or through-----

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: It was done through people knowing each other, not through a tender or anything else.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

Susan O'Keeffe: Why does Mr. McDonald think planning officials who would have watched some of what he has described today as zoning of extraordinary proportions stayed quiet?

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