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

Kieran O'Donnell: Do you believe that if NAMA hadn't been established, Irish Nationwide would never have become insolvent and would be still standing today?

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

Kieran O'Donnell: So what are you saying, Mr. Fingleton?

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

Kieran O'Donnell: Do you believe on the night of the guarantee-----

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

Kieran O'Donnell: Two quick questions. Do you believe then on the night of the guarantee, Irish Nationwide had no liquidity problems of any description?

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

Kieran O'Donnell: Mr. Fingleton, do you believe that you knew best? Did you believe that you knew what was best for Irish Nationwide Building Society, as the CEO?

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

Kieran O'Donnell: Do you agree with-----

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

Kieran O'Donnell: Do you believe the corporate structures of operations in Irish Nationwide Building Society during your tenure were adequate?

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

Kieran O'Donnell: Just one quick question.

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

Kieran O'Donnell: You said earlier in reply to a previous Deputy that there was no conflicts of interest in any loans that were given in respect of the board or anyone else. How do you explain Mr. David Brophy continuing on the board in 2005 after he became the chief operations officer of Ballymore Properties?

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

Kieran O'Donnell: Sorry Chairman, would-----

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

Kieran O'Donnell: And finally, you made reference earlier that what was written about you that 80% was inaccurate, 10% you disputed and 10% you agreed with. Which of the 10% did you agree with?

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

Kieran O'Donnell: Do you agree with any official report that was issued in respect of Irish Nationwide?

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

Kieran O'Donnell: Mr. Walsh, Vol. 2, page 57 and 66, which are the credit committee's ... there were reviews done by the internal audit ... and it speaks about two reviews, one in July and one in December ... sorry, in January, respectively, two six month periods in '08.

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

Kieran O'Donnell: The committee is ... the conclusion really that arises is that the committee is not meeting with enough frequency to fulfil all its duties. We had Mr. Fingleton in this morning and he said he had the delegated powers from the board that he could approve and grant loans without prior approval of the board. Is that correct?

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

Kieran O'Donnell: How frequently did this happen, Mr. Walsh?

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

Kieran O'Donnell: You were chair of the board for nearly a ten-year period so during your tenure?

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

Kieran O'Donnell: And do you believe that you were independent of the board ... independent of the CEO ... or was the board just rubber-stamping his decisions and loans?

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

Kieran O'Donnell: Did you have a discomfort with the fact that you'd Mr. David Brody ... Brophy ... was brought onto the board in '05 and in 2007 he became chief operations officer with Ballymore Properties which were the single biggest client that Irish Nationwide had ... that he remained on as a director? Did you have a concern with conflict of interest in that?

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

Kieran O'Donnell: Can I go back? Your own background, Mr. Walsh ... how did it come about that you were invited to become the chair of the board of Irish Nationwide Building Society in 2001?

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

Kieran O'Donnell: And were you working in academia at the time?

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