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Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Final supplementary very briefly now, Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: We're moving on, Senator, I have to move on, I'll give you ... I'll give you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: No, please. You're pulling on time, now, please. I'm moving on. Can I move on to Deputy Michael McGrath, please?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Okay, thank you very much. Senator Sean Barrett.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Very short supplementary now Senator, I'm not allowing any questioning.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: And that's fair enough. Okay, I'm going to move on.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: I'm going to bring time to a wrap up. Thank you, Senator. Just a couple of matters. Earlier, when I was speaking to you about the nature, the structure of the design of the banking guarantee and how ... what bearing it had, if any, with the State entering the bailout programme two years later. Would it have possible to design the banking guarantee that would not have lead to a bailout?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Okay. Mr. Cardiff, your period in the Department of Finance came to an end when you moved into the Court of Auditors. Did you apply for this position, were you headhunted for it and was there resistance from the Department of Finance for you ... from you leaving to go to the Court of Auditors?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Thank you very much, Mr. Cardiff, I'm going to move now to wrap up a ... I'll be allocating five minutes each to the members but I need questions and answers dealt with in that time. Deputy Murphy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Senator MacSharry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Okay, thank you very much. Just one very final issue, and it's just to clear up with regard to your engagement with the inquiry last week. And on page 16 of the transcript of your engagement with us, you went on to say that "Anglo passed us in a document about themselves." Now, being mindful of matters that are taking place outside of this committee room and so forth, would it be possible...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Okay. Thank you very much. Mr. Cardiff, I'm going to bring matters to conclusion. I do know that we do need to wrap up to facilitate matters. Is there anything you would like to add by means of a closing comment or additional commentary?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Thank you very much and those comments are certainly appreciated. So, with that said, Mr. Cardiff, I'd like to thank you for your participation with the inquiry today and also last week and for your extensive engagement with the inquiry. With that now said, I now formally excuse the witness and propose that we suspend until 3.50 p.m. when we will hear from further witnesses from the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: We will go back into public session. Is that agreed? Agreed. In doing so, we will now move on to session 2 of today ... or the afternoon session, which is a public hearing with Mr. William Beausang, assistant secretary, Department of Finance. The Committee of Inquiry into the Banking Crisis is now resuming in public session and can I ask members and those in the public Gallery to ensure...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: So once again, Mr. Beausang, you're very welcome before the committee this afternoon and if I can invite you to make your opening remarks to the committee, please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Thank you very much, Mr. Beausang, again. If we can commence questioning, and, in doing so, if I can invite Senator Marc MacSharry, please. Senator, you've 25 minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: It's coming up. It should be on your screen there now, Mr. Beausang.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Thank you. Senator D'Arcy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Can I reframe that question?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: If you don't mind, Senator, just a moment. The legislation that set up the regulator's office and that set up the new Central Bank structure and the whole structure that was put in place was done through legislation passed in this House. The Minister would have been in the Chamber and the Department of Finance officials would have been sitting next to him during that period, so the...

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