Results 16,421-16,440 of 26,050 for speaker:Kieran O'Donnell
- 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.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: What due diligence, proper due diligence was done on the loans in the various institutions prior to that date to back up putting in State funding of the order you put it in, prior to the PCAR test in 2010? You put in €3.5 billion-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: ----- in the two institutions, money was put into Anglo at various times so why was it literally well over a year after the guarantee, in March 2010, when you got some recognition and, in fact, it was a second PCAR test in March 2011 that showed the true position? How were you able to stand over putting taxpayers' money into banks, based on what type of due diligence was carried out?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: Let me put it another way in the limited time. Why wasn't proper or more detailed due diligence done significantly in advance of the guarantee being put in place?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: But say, post the guarantee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: In hindsight, Professor Honohan is on record here as saying that he believes that the first real analysis of the state of loans was when BlackRock were appointed, in the PCAR test 2011.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: So was it a lack of expertise in the Central Bank and the Financial Regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: In your comment on page 1 where you say - this was at the time of the guarantee - "However, the liquidity problem was caused by the markets looking at future solvency."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: So you might just expand on that and can one infer from that statement that you believe on the night of the guarantee the banks were insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: That would not be sufficient now for due diligence, Ms Nolan.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: This is what the banks were informing ye at the time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: And that proved when the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: Yes. When did it arise, where you realised that wasn't the case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: And why-----