Results 16,201-16,220 of 26,050 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And when, in your view, do you believe Anglo was insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Why March 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Paddy's Day, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: That's true, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And, we'll say, on 17 June 2008, you were in correspondence, you looked for, effectively, I suppose, an indemnity from the Minister for Finance in terms of extending funding to, we'll say, deposits. Deposits to Irish Life and Permanent went up fivefold, from €50 million to €250 million. EBS went up two-and-a-half-fold, from €40 million to €100 million. Was that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: What was the purpose of the letter?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And is that ... was that under the legislation-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: -----or was that an executive decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And was that the first occasion that you sought such a direction?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Putting money on deposit-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: -----with the banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And when you got ... you made that decision back in August 2007 and this was the first occasion where there was a roll-over of deposits. Did it set off alarm bells that the Minister for Finance was looking for such a large increase in the likes of Irish Life and Permanent, where they went from €50 million to €250 million, and EBS from €40 million to €100 million?...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: He took it that seriously?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: And did you have concerns at the time about the solvency of the entire banking system at that stage in Ireland?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Would you have had discussions with the Department of Finance at the time, back in June 2008, that there was a need for, we'll say, analysis to be done, due diligence to be done, a plan to be put in place to deal with the banks, a strategic plan?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: No, but back, going back. I know that and we've heard that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: But going back to June, your CEO, Mr. Somers, went to the, I suppose, unprecedented position of effectively getting ... looking for senior counsel opinion, effectively against the direction of the Minister for Finance at the time, Mr. Brian-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: 2007, who was then the Minister ... was Minister-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: Cowen. Which was I would have thought relatively unprecedented. So the question is at that point, when you made such a dramatic decision, did you see fit as an organisation to say to the Minister for Finance, "There's a problem here. What alternative measures are you putting in place to deal with the issues in the banking system?" You were the experts in terms of rasing funding. The fact...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Kieran O'Donnell: That's the question.