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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: People are getting into a bit of a twist about the matter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: It is roll-overs. In fact, the more we show that we are managing the primary deficit and the correction of expenditure and the collection of revenues, the more it is not a problem. In that situation, however, a complacency can set in about the origin and provenance of the odious debt from the bank-related issues and it becomes easy to lull us into a sense that it can be done over ten or 15...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: This is my last sentence, with the Chairman's indulgence. We hold, for €5 billion plus, 15% and we are being laughed at by that bank and its management. That is a pity. I thank Mr. Corrigan and the Chairman.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: No, please. The Chairman will be able to say this in Paris between the 10th and 13th and I will not.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: I love my country.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: That needs to be said.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: They have been very good and have been here for two and a half hours.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: It is unfair to them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: Okay. May I have one more minute, please? On the ECB, it was noted that central banks tend to be secretive. Were I to go up the gears and suggest they were almost sinister, would the witnesses agree? The ECB may have made €5 billion in profit on Irish bonds; we do not know. That is an awful lot of money. Moreover, it has the insider conflict of interest in actually being a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: Mr. Corrigan used that word once.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: And other markets.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: The figures now say that we are ten times riskier.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: I love my country.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: I thank the gentlemen from the NTMA for attending. I would really appreciate it if they answered very quickly or said "Pass" because I have many questions to ask. Have all three delegates read Carmen Reinhart's book on debt?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: Has anyone read John Mauldin's work on the debt super-cycle?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: That is telling. I would recommend both books. Do the delegates know that Herman Van Rompuy, President of the European Council, was not aware in May 2011 that the banking liabilities of our six little old banks - amounting to approximately €75 billion - related to the repayment of bond investors, in spite of the fact that there was at least €75 billion in losses, owing to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: Did it do any work for the NTMA in the past two years?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: Rothschild and Barclays did.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: What about BlackRock Consulting?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Economy and Funding Requirements: Discussion with NTMA (24 Jan 2013)

Peter Mathews: What about Oliver Wyman?

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