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Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Well, it does say actually on page 30 of that same document, "High Priority - Absence of or unsatisfactory operation of critical risk management and critical internal control systems, inadequate Board/management oversight/control over the operations of the institutions." It is there on page 30.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Yes, and you have just said there weren't any. I am sorry, I am just-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: It does say, "Absence of or unsatisfactory operation of critical risk management-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: It seems to me to be a grading of the finding.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: It is described as a grading of the finding.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: However, there are quite a number of findings here, you would agree.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: There always is.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Mr. Fingleton, it is not a competition about how many things were wrong with your's or with somebody else's. We're here talking about the INBS.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Can I ask about-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: I think ... I'm not entirely clear. There are replies to some of them but I just wanted to draw your attention to that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Okay, I would like if I may-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: I would like if I may to ask about the appropriateness of the €1 million bonus that in September, in 2008-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Okay, that is fine, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: In evidence to this committee, Mr. Boucher from Bank of Ireland talked about the meeting that was held in September 2008, in early September 2008. This was in relation to INBS, and he said, "I would say that weekend was a weekend when, on a personal basis, I realised the extent of the issues in the system were very, very serious", and he goes on to talk ... it was a lengthy meeting. Were...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Were you aware of the meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: Okay, and he, Mr. Boucher, said, "Eventually, we were asked to look at, from memory, I think a quantum of around about €4 billion and we fed back to the regulator that we weren't comfortable, [that] that wasn't an accurate picture of what was needed, but even if it was, that we wouldn't be in a position to provide that - we were very uncomfortable taking on an exposure to that entity."...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: What is your response to Mr. Boucher in relation to that ... his observation of that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Susan O'Keeffe: But was INBS not asked-----

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