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Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: The official statement that was put out by Government on 21 December, and it's in Vol. 1, page 45, of Mr. Corrigan's own book. It'll come up before you, Mr. Corrigan, and, basically, it said, "The Government will continue to reinforce the position of Anglo Irish Bank and will make further capital available if required so that it remains a sound and viable institution." What was your view of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: When, Mr. Corrigan, did you yourself come to the view that it was a broken model or a flawed model?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Mr. Corrigan, when you heard about the blanket guarantee for all the banks - I appreciate you were not in the country at the time; you were in the States I believe - what was your response? What went through your head?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: So in the conversations the previous week, I assume that was with officials from Central Bank, the regulator, the Department of Finance, if you like, the usual people that you'd been talking with. Was the conversation at that point centred on all options or had it centred on a particular option, do you remember?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Did you have a view on whether Anglo and INBS were solvent on the night, I mean, solvent at that time? I know you weren't there, but did you have a view on their solvency in those days, I suppose, leading up to that moment, given the conversations you'd had and the knowledge you had?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Mr. McDonagh talked about the ... when he engaged with meetings at that time, the lack of information or the lack of knowledge. And he then ... he put together this particular e-mail with the 33 questions that he says that he did on, I think he said, his BlackBerry when he went home and he copied ... he sent it to Kevin Cardiff, William Beausang, Oliver Whelan and you. And the questions are...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: And the matter of the rolled-up interest came as a surprise or a shock or not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: On page 7 of your own statement, and I'm skipping to 2010, you talk about the meeting on 7 November when you say you discover that the question of burden-sharing had been rejected earlier that day by the G20 but that you hadn't been told about this. And you then wrote the following day ... I'm sorry, it's on page 173, I think, of Mr. Corrigan's book, the letter that he then subsequently...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: And I'm asking you do you know why you weren't told?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Should you have been told?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Thank you, Chair. Mr. Corrigan, were you ... did Indecon or Alan Gray consult the National Treasury Management Agency when it was preparing its advice or its opinion for Government?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Were you ever made aware of the correspondence that they shared with the Minister or with the Taoiseach?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: No. Were you aware of any of the e-mails that were going over and back on the night of the guarantee? Were you either made aware of them at the time or subsequently? By that, I mean between Merrill Lynch and Mr. McDonagh.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Were you surprised or otherwise, or not, that the NTMA did not have an opportunity to be in the meeting on the night of the guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Okay. I mean, you talked a little bit about that idea of being less than equal partners and your former colleague, Mr. Somers, referred to it as an inner circle and when asked what meant he said ... in evidence, he talked about the Central Bank, the Department of Finance and sometimes the regulator and that, if you like, the NTMA was outside that, and you've talked about a less than equal...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: I have one final question. On page 4 you say ... you talk about AIB and it "stuck to its view that its problem was no bigger than [that] of Bank of Ireland". How did they express that view and why did they express that view?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Were you surprised to finally ... I mean, again, what was your view when you saw this push back because, obviously, you were trying to move things on and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: And what was the Minister's response?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Susan O'Keeffe: Excuse me, Chairman, can I ask for a clarification?

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