Results 15,381-15,400 of 26,228 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Ye overruled them.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Okay. And can I . . . we'll say . . . the fact right that . . . and I'm reading from the summary report, Chairman, that was given on ... which was published on 20 February '09, and you state in ... in the summary, you state: "Under the PwC [it's page 37] highest stress scenario, Anglo’s core equity and tier 1 ratios are projected to exceed regulatory minima (Tier 1 – 4%) at 30...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Well, can you comment on the fact that the Taoiseach of the day, two days after you gave him the Project Atlas report, made specific reference to your report in terms of stress case scenarios for loans as a basis underpinning the Government guarantee two months earlier?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: And what about the fact that the taxpayer has ended up forking out €30 billion for Anglo Irish Bank on the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: No, well, then can I ask you can you comment on the fact that you have stated in your report that under your highest stress case scenario on 17 November, Anglo would cover its tier 1 capital requirements and wouldn’t require taxpayers’ money but, in fact, it ended up €30 billion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: But you also said-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Can you explain ... you made reference earlier to Senator Barrett that the capital that was in ... I don’t know if you were speaking specifically about Anglo or the other banks, that what was being reported as equity wasn’t actually equity, that here was an element of loans from other banks and subsidiaries. Can you expand on that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Explain that because that’s – oh, you were talking about the equity on the loans.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: So effectively ... and when you looked at it further were there situations whereby there was nearly 100% gearing across the board on all loans?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Can I go back on this ... the ... looking at the stress scenarios on the loans in Project Atlas 2? What ... give me the basis of the assumptions in the worst-case stress scenario in Atlas 2? What was your worst case? What were your assumptions?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: That would mean the value of the property would fall 15-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: Explain for a layman. What do you mean by saying that the 15 basis points for mortgages?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: But did ye build into your scenarios in terms of projected fall in the value of property?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: But in terms-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: But, in layman's terms, in terms of looking at your stress case scenarios and potential losses, and in the worst-case stress scenario, what did ye project property would fall by, commercial property?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: But you did a worst-case scenario.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: But it's the highest stress. What will then ... in the highest stress scenario, what did you provide for that in terms of fall in the price of property? Commercial land.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: And that was land. What about property itself?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: So, 4%. And do you believe that was adequate, considering the fall in property-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Kieran O'Donnell: No-----