Results 15,661-15,680 of 26,228 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Drip-fed by whom?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: You might explain that for the ordinary person when you say counterparties - the nine.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: They pay, effectively, a deposit or----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: ----- a small sum up-front.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: If the shares go up, you gain and if the shares go down, you cover the difference.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: So there was nine-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: There was nine banks.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: And how did you get to a point where you found out who these nine were?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Okay and how did he come up with it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Specifically, the Seán Quinn contracts for difference - what impact did you believe did that have in terms of rumours in the markets, did it have on the share price and more particularly, what impact did it have on Anglo Irish to be able to attract, we'll say, deposits, to be able to attract with bonds investors?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Did it have ... the root of my question is on the night of the guarantee, would Anglo Irish ... 30 September ... would Anglo Irish have had the liquidity problem if the Seán Quinn contracts for difference had not arisen?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: The liquidity would?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Were these counterparties based in Ireland, England or Europe or America?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Were they other banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: And if you were a counterparty providing that access to funding for the person investing in a contract for difference, would you have been aware of what shares they were doing the contracts for difference with?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: And did you feel ... did Anglo Irish feel compelled to move immediately to close off control of the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: I think it's a critical point, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: No but it's a complicated area that has huge significance in terms of Anglo-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Well, I suppose the question I want to ask is did Anglo Irish feel compelled to move to take control of the contracts for difference, that the implications were so broad for the bank in terms of liquidity and share price that they had to move?