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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Who appointed the directors to Glenbeigh?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Was it Mr. Crowley or was it somebody else?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Why did Permanent TSB use the Bank of New York? Did it negotiate with that bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Did Permanent TSB go to the Bank of New York or was that bank aware that Permanent TSB was creating this and expressed an interest in it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Did Permanent TSB go to the Bank of New York?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Pepper is managing the situation now and we have a clear picture of how it intends to manage. It has a responsibility to Glenbeigh. Glenbeigh and Pepper will operate through a committee on matters including interest rates. Pepper has a consultative role on that committee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Does Glenbeigh pay Pepper? Is it the paymaster?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: How many people are on that committee typically?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Can the witness give me a sense of what that means? Will there be two people or ten people? Is it as big as that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: I had a different understanding of the word "committee". As far as Mr. Ryan is concerned it is a tight two or three-man ship.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: I want to understand the structure. The Bank of New York is the trustee for Glenbeigh.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Is The Bank of New York a trustee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Who?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: It is not the Bank of New York.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Who is the trustee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: I understand that. I am trying to correct what Mr. Crowley said earlier. He said that The Bank of New York was the trustee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: It is a Bank of New York company.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Who appointed the two directors to Glenbeigh? Are they just nominated people?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Are they Irish people?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

John McGuinness: Is it normal that Glenbeigh has registered two directors who have been appointed------

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