Results 16,041-16,060 of 26,043 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: -----by default, basically, the ECB were completely entirely left off the hook in terms of coming up with a solution. So the question-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: In hindsight, if resolution legislation was available in terms of providing an orderly wind-down of an institution, would it have made a difference on the night?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: Final question. Was there a letter from yourself to Taoiseach Cowen on 1 October 2008 around the whole situation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: Thank you, Chairman. Welcome, gentlemen. Was there any reference to the advice given by Mr. Alan Gray earlier to the Department of Finance or by him again when requested to by the Taoiseach during the break in the meeting on the night of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: Okay, can I ... Mr. McCague, can I take you to your statement and, more particularly, point 6 ... and you state: "On Sunday, 28 September, I attended a meeting in the offices of the NTMA". Who were you employed by? Were you employed by the Department or the National Treasury Management Agency?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: And at that particular meeting ... you finish off by saying that there was: representatives of the Department of Finance, NTMA, the Financial Regulator's office and other advisers. There was further discussion on the loan books of the banks, particularly of Anglo. Following that meeting we continued to progress the draft [nationalisation] Bill. So, at that meeting, what views were given...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: So was there discussion around that time, and, more particularly, you had discussions on the loan books of the banks, particularly Anglo. Was there a discussion around that time ... two aspects: No. 1, around the solvency of the banks, more particularly Anglo, and was the discussion around that ... were you under the impression that it was still policy to look at putting in place legislation...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: Merrill Lynch were the advisers for-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: But, at that particular meeting, were all the parties working on the basis that you were putting legislation in place to give effect to the nationalisation of Anglo and Irish Nationwide?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: And there was no question of a discussion around the guarantee at that meeting----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: What was the primary option?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: What was generally the discussion on the loan books? What was the general tenor of the discussion on the loan books, particularly in Anglo, at that meeting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: Mr. Ó Ríordáin, in your statement ... page 3 you say about, paragraph 5.5, and you say ... you speak about giving a perspective, and you say, "Had a bank failed in 2008, there was no bank resolution legislation available to the Government to step in to resolve it in a controlled manner." So the question I suppose I want to ask you, is No. 1, you were brought in a week before...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: So, so it ... could it be said or not that the mechanism wasn't in place to allow the option of a bank being allowed to fail, that that particular legal measure hadn't been put in place and wasn't an option for consideration?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: And can I just finish up on the point, for either of you ... if Anglo was nationalised, what would have been the practical procedures in terms of nationalising? Could it have been nationalised in a night? Would it have been required that, you just ... you would have put the liquidity funding in place to fund Anglo in terms of over the next number of days? What's the practical procedures in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: So there was no reason we'll say if ... if the Government wanted to make a decision on the night, that the following morning of the 30th, that Anglo wouldn't have been nationalised?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: Thank you Chairman. Mr. Ahern, the programme for Government and social partnerships created a need to finance pre-agreed commitments from available revenues. Can you discuss the extent to which, in your opinion, such long-term political commitments influenced and constrained the Government's budgetary decisions? And I'm referencing, Chairman, page 101 Vol. 3, and also page 81, Vol. 3. So...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Kieran O'Donnell: Okay. Can you explain why in all the budgets, we'll say, between 1999 and 2008, the amount that gave rise, the actual budget day outcome, the amount that was spent in the budget itself, was significantly more in many years than the actual document, the fiscal framework, that was presented to the Cabinet by the Minister of Finance in June?