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Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: But sorry, Mr. O'Connell, there's a difference if you ... if I may say so, between mentioning something and having a really serious discussion.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: Okay, yes-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: Yes. Mr. O'Connell, we've had evidence here in relation to house prices, which, by any standards, we can say were horrific. But you had the same access to the chief executive officer of IFSRA as you had to the Governor, in the sense that he was on the seventh floor as well, or the chairperson, I'm sure, of the board came in.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: I mean, these issues were so serious in your view, did you really ... did you ever consider asking those people for a special meeting to sit down and to say "Look, this is going beyond the beyonds." If you were stopped, as you said, formally from getting something onto the board but the danger was so acute, and the price of a home for an ordinary person was obviously going off the radar, did...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: Yes, but it was urgent that something should be done, wasn't it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: The papers and all the rest of it ... you said there was a realisation but no action was taken. Wasn't that ... was that really the fall down?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: So, is it the case, Mr. O'Connell, that you were informally talking about these things but, in retrospect, could it be said ... or ... that you should really have taken much stronger action to bring home to people what was necessary?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: I understand you to say this, but I'll ask you the question: do you ... do you believe that the board was conflicted, or members of the board were conflicted, because of political and property allegiances, etc.?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: But you said it in your opening statement.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: But did you ever consider approaching a person or a number of persons on the board that you knew would not be conflicted, either politically or in relation to property interests, and say "Look, this is really urgent; this needs to be discussed at the highest level on the board"?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: You referred to the ... hang on ... just very briefly ... were you ... what involvement did you have in ... or, if any, in preparation for stress testing?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: Who was responsible for creating and updating the scenarios?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: And do you know if external advice from consultants or from European system of central banks or the International Monetary Fund ... was there an involvement of those in the drawing up of the model?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: And last point, Chairman. You refer to the ... the ... the crises and the crashes in a number of ... many countries, even in the Nordic countries in Finland and Sweden and that. Did ... did you ... and then what happened in Ireland in some senses was quite repetitive of what happened there. Did you ever try ... or your group of 60 economists try, in any really structured way, to learn the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Joe Higgins: Thank you.

Ceisteanna - Questions (Resumed): Constitutional Convention Recommendations (9 Jun 2015)

Joe Higgins: 14. To ask the Taoiseach his views on the continuation of the Constitutional Convention; and if he will make a statement on the matter. [5465/15]

Ceisteanna - Questions (Resumed): Overseas Visits (9 Jun 2015)

Joe Higgins: 5. To ask the Taoiseach if he will report on his meeting with the Prime Minister of Israel, Mr. Benjamin Netanyahu, on 11 January 2015. [2207/15]

Ceisteanna - Questions (Resumed): Overseas Visits (9 Jun 2015)

Joe Higgins: 6. To ask the Taoiseach if he will report on any meetings he had with Heads of Government of the European Union, in France in January 2015. [2208/15]

Ceisteanna - Questions (Resumed): Overseas Visits (9 Jun 2015)

Joe Higgins: 7. To ask the Taoiseach if he will report on any meetings he had with the President of France, Mr. François Hollande, in France in January 2015. [2209/15]

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Joe Higgins: Mr. O'Neary, how would you describe ... background is that you were in banking supervision up to 2003. You became prudential director regulator in 2003 - a very senior position - and you were chief executive of the regulator in 2006. How would you describe your relationship with the banking institutions over that time?

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