Results 16,401-16,420 of 26,043 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: Why didn't ye get onto Arthur Cox and say we needed due diligence back before the 14th? It's only a day of a difference.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: So a day-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: But ... so you were required to file with the European Commission on the 14th?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: And the due diligence from Arthur Cox came back a day later?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: Yes, but the perception was out there that, effectively, you were going to recapitalise Anglo rather than-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: -----rather than nationalise Anglo.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: And, would you have had any discussions ... interim discussions with Arthur Cox. Effectively, you're paying the fee to Arthur Cox, correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: Who were they appointed by - the Central Bank, the Financial Regulator, or the Department of Finance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: But, ultimately, Government.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: Okay. Was there no discussions with them ... like, they were appointed on the 22nd. Was there no discussions with them, like ... I suppose-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: For someone looking in, would say that it does seem a bit unusual that you had Arthur Cox doing due diligence on Anglo, you put ... you've decided to recapitalise Anglo on 8 January; you wrote to this European Commission on 14 January; and then, the day later, you nationalised Anglo. So, it does ... why wasn't ... weren't you able to get to a point where, by the 14th, that you would have...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: The decisions you took on the decision to nationalise Anglo on the ... page 55, 15 January, "The advice was given because a number of serious corporate governance concerns at Anglo, and because of Anglo's progressively deteriorating liquidity position." The governance issues-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: Page 55 and 56. The governance issues, Ms Nolan, were there since December, since the former chairman had resigned.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: Well, sorry ... the corporate governance issues clearly were there. Would you agree or not agree that they were there?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: So, nationalising wasn't around the corporate governance issue; it was to resolve-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: Well, it was there already in December.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: Well, then the final-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: The final question on this. Do you believe that, when Arthur Cox were appointed ... did you believe that, at that point, that Anglo would end up being nationalised?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: Okay. Thank you. Can I go on to ... The evidence presented by NAMA to the inquiry referred to the interest roll-up of €9 billion on acquired loans, lending backed by paper collateral only, no equity, substantial issues relating to varying degrees of due diligence, and debtors' borrowing across the institutions. Can you please comment on the circumstance that resulted in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Kieran O'Donnell: No, the question I'm saying ... you wanna let me ... let me put it the way I'd like to put it. The ... when it came around and the ... the PCAR test was done in NAMA in March 2010. That gave rise ... in the follow-up, that gave rise to significant haircuts.