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Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: And you said earlier that when you were informed of the guarantee decision, the banker guarantee, that the person I think was Kevin Cardiff who might have informed you; is that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Who wouldn't have been surprised as to your views on the scope of the guarantee. So, you would have communicated your views to them previously to-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: No, that's what I'm trying to figure out, why they wouldn't have been surprised as to your views.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Sorry, no substantive discussion on that evening and including prior?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Okay. So, no formal recommendation or no formal advice from the NTMA to the Department of Finance prior to the guarantee being notified to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Okay. So, in terms of Merrill Lynch's work, the NTMA wasn't working with Merrill Lynch on that options-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: And the final question in this area: when you were notified that the guarantee was taking place, I think you said it was about 1 o'clock in the morning. Was the Minister for Finance present?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Wasn't present when you were told or wasn't present in Government buildings, as far as you were aware?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: You didn't see him again that evening?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: No, okay. Thank you. Just now to look back at NAMA then since the beginning of its operation. One of the questions and one of the things that we've heard through previous testimony is about a possible delay in establishing NAMA. Was there a delay, from when it was first signalled to the first tranche being completed?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Whether it's a delay or not. let's just say that time lag between certainly the intention to set up NAMA and the first tranche being passed, did that favour people who owed the banks money?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: You didn't allow people to make certain arrangements with their affairs?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: I'm not asking about it being feasible. I mean, it probably wasn't feasible. I'm just wondering about what it might have allowed debtors to do with some of their affairs, which have then had to have been pursued by the agency but did it allow the banks, I mean ... or not did it allow the banks? ... Were you aware of the banks treating debtors any differently in that period? When we look at...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Sorry, unwilling participants?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Can you expand on what that means in practice?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: That they didn't move to-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: -----capture that income? And does that signify a lack of co-operation, or what does that mean to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: On the side of the banks?

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