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

Ciarán Lynch: Morgan Kelly may be considered a contrarian at a particular moment in time, but Alan Ahearne was writing, as I said, right through the period, as was other people, and Mr. Ahearne became ... such was his reputation that he became a senior figure in your Administration. So if it was general discourse out there that was informing the soft landing theory, there was discourse out there that was...

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

Ciarán Lynch: Yes?

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

Ciarán Lynch: And I don't think that we're on a point of disputation around that, Mr. Cowen, but what this inquiry has done, and has struggled to do, is to find evidence of a core document or a playbook, or a modelling programme carried out that is evidentially based that is the ownership of the Department of Finance that supports the soft landing theory.

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

Ciarán Lynch: All external?

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

Ciarán Lynch: All external is what we have to date.

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

Ciarán Lynch: But given that the Department of Finance is the purse keeper of the State and its citizens, and whilst there may be other agencies, the ESRI, IMF, they all have their own role to play, but given that that Department, the Department of Finance, is holding the purse strings and the purses on behalf of the citizens of this country, and given that this theory was going to be the theory on which...

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

Ciarán Lynch: I accept all that.

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

Ciarán Lynch: In any of those supplementary documents that was presented, because we've seen some of the supplementary documentation and they talk about OECD reports, IMF reports, external agency reports, but none of those ... ESRI ... but none of them are actually in-house reports that they've carried out.

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

Ciarán Lynch: Okay. So, with that said, I now propose that we suspend until 5.55 p.m. The witness is reminded that once he begins giving evidence, he should not confer with any person other than his legal team in relation to their evidence and matters that are being discussed before this committee. With that in mind I now suspend until ... actually ... yes, 17.55, and remind the witness that he's still...

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

Ciarán Lynch: We are back into session. We'll try and maybe get out at a reasonable time. We're back into public session and, in doing so, if I can now ask Senator Michael D'Arcy to resume questioning. Senator, you have ten minutes.

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

Ciarán Lynch: There's a bit of phone interference there, folks.

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

Ciarán Lynch: There's a bit of phone interference. Sorry, Senator, back to yourself.

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

Ciarán Lynch: Thank you very much. Deputy Eoghan Murphy.

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

Ciarán Lynch: Deputy, it might be there is phone distortion coming in close by to you there, so I'm just asking members to be mindful of their devices.

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

Ciarán Lynch: Mr. Cowen, you don't have to happen to have your mobile device switched on, by any chance?

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

Ciarán Lynch: Stop the clock a second..

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

Ciarán Lynch: Can't make any judgments, Mr. Cowen.

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

Ciarán Lynch: If mobile devices were a hanging offence, Mr. Cowen, there would be probably just me and you talking to one another at the moment. Okay, we're back in order.

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

Ciarán Lynch: Final supplementary, now, Deputy.

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

Ciarán Lynch: That's your final question now, Deputy.

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