Results 15,861-15,880 of 26,228 for speaker:Kieran O'Donnell

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

Kieran O'Donnell: Well, of other loans.

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

Kieran O'Donnell: Sorry?

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

Kieran O'Donnell: Well, there was €12 billion of loans in total. There was about €8.5 billion of commercial loans.

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

Kieran O'Donnell: Anyway.

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

Kieran O'Donnell: Thanks, Chairman. Welcome, it being such a late hour, Mr. Purcell. Mr. Purcell, can I just clarify a number of points? Mr. Fingleton occupied the role as both CEO and head of lending. Am I correct?

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

Kieran O'Donnell: A dual role. Would every single loan be ... end up on Mr. Fingleton’s desk?

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

Kieran O'Donnell: When would they ... What would be the level at which loans would end up on Mr. Fingleton’s desk?

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

Kieran O'Donnell: And you made reference earlier that 50% of the loans that went into NAMA were outside of Ireland.

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

Kieran O'Donnell: How many of those would have been with Irish developers?

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

Kieran O'Donnell: The majority?

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

Kieran O'Donnell: And can I ask you, in your role as financial controller of Irish Nationwide Building Society, do you believe on the night of the guarantee that Irish Nationwide Building Society was solvent?

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

Kieran O'Donnell: And what do you base your assessment on that, considering that €5.4 billion of taxpayers’ money ended up, to date, going into Irish Nationwide Building Society?

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

Kieran O'Donnell: Is your basic contention, along with the two previous witnesses from Irish Nationwide Building Society, Mr. Fingleton and Mr. Walsh, that the haircut that was applied to the NAMA loans, you believe was excessive?

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

Kieran O'Donnell: And what do you believe the discount should have been? It was 61%. What do you feel would've been a reasonable discount?

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

Kieran O'Donnell: And can you just elaborate on ... were you facing a funding cliff in 2009? You had roughly about €2.3 billion, my understanding is, of debt to be rolled over in 2009.

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

Kieran O'Donnell: And effectively, I think, €1 billion of that was due in May '09. How were you set up to deal with that funding cliff?

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

Kieran O'Donnell: And did ... so do you believe ... well, first of all, two quick questions. Do you believe that Irish Nationwide Building Society needed the blanket guarantee to be covered by it? And do you believe if that guarantee wasn't there ... do you believe ... and NAMA wasn't put in place ... do you believe Irish Nationwide would be operating today?

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

Kieran O'Donnell: But you were looking for fair weather.

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

Kieran O'Donnell: You weren't, as such, set up for a ... for shocks.

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

Kieran O'Donnell: Sorry, were you set up for shocks?