Results 1,101-1,120 of 4,168 for speaker:Susan O'Keeffe

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

Susan O'Keeffe: The wish for lunch grows.

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

Susan O'Keeffe: Mr. Cowen, Vol. 2, page 7. I know you have seen this graph before today, I think. The annual budget settlements announced in December '04, '05 and '06 implemented a significantly more expansionary fiscal policy than was recommended by the Central Bank in its pre-budget letters each year. Can you explain why Government chose to ignore the consistent advice of the Central Bank?

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

Susan O'Keeffe: When you would choose, say, for example, the first in 2004 and if you wouldn't ... if you would ignore it in 2004 and again ... did it become a thing where you would look at it and go, ''Well, that's helpful but not really useful?'' I mean, what was going through your head when you were looking at their advice?

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

Susan O'Keeffe: So you wouldn't give extra weight to the advice given by the Central Bank given their particular expertise?

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

Susan O'Keeffe: Because I'm looking at the graph, I suppose. I'm looking at the graph saying, well the budget packages if you like, it's a very clear-----

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

Susan O'Keeffe: -----blue line and a red line. The blue is the recommendation and the red is what happened.

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

Susan O'Keeffe: Well, in the Nyberg report, on page 60, it says, ''it is safe to say that vigilant authorities should have been much more concerned by the end of 2005'', and then it goes on: By the end of 2005, on a reasonable assessment, the authorities should have been sufficiently concerned about the emergence of a property bubble to consider aggressive action to deflate it: new house prices had...

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

Susan O'Keeffe: Somewhat-----

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

Susan O'Keeffe: So you ... you took comfort that they'd receded sufficiently for you to-----

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

Susan O'Keeffe: Yes, okay. So you took comfort from that?

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

Susan O'Keeffe: Okay.

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

Susan O'Keeffe: So despite the fact that borrowing continued to rise and houses ... house construction continued to rise, you still were sufficiently reassured by the small change in 2006 to ... would you not do anything more specific?

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

Susan O'Keeffe: When you came into the job as Minister for Finance, did the Taoiseach say that he expected anything in particular of you or that he wanted you to do anything in particular? Do you remember? Maybe he didn't say anything.

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

Susan O'Keeffe: Yes. I wasn't asking about the Cabinet, I was actually asking you about what the Taoiseach might have said to you, as one party colleague to another, on appointing you as Minister for Finance, ''This is what I hope would happen.'' No? That didn't happen?

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

Susan O'Keeffe: Would you say that in this period of time that we're discussing today, as opposed to any later time, did you have friends or close acquaintances in the banking sector or in the property sector?

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

Susan O'Keeffe: And, if so, who were they?

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

Susan O'Keeffe: Okay. So how then would you describe your relationship with Fintan Drury who, obviously, was a non-executive director of Anglo Irish and I know you'd known him prior, you'd known him, I think, I believe, at college, you probably can tell me-----

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

Susan O'Keeffe: -----if that's the case?

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

Susan O'Keeffe: So you knew him for a while. But he became a non-executive director at Anglo, among other things that he did. So how would you describe your relationship with him?

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

Susan O'Keeffe: So in your diaries for 2005 and 2006, it does show that Mr. Drury was visiting you in your offices quite a lot, and, obviously, they're your official diaries. So he would have been coming in to talk about anything, in particular, or just as friends?