Results 16,421-16,440 of 26,043 for speaker:Kieran O'Donnell
- 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-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: And, Ms Nolan, why wasn't that spotted with the various due diligence that were done by PwC and others prior to that date?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: But surely ... surely equity-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: But surely equity. Sorry, would it not as a normal form of due diligence, would an equity stake in a loan not be a normal question to ask as part of due diligence?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: So then-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: So, can we take it from that the banks were not telling the truth?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: Or they didn't know, okay. Can I ask, the issue in terms of the ... the discussions around, we'll say, with burden-sharing with the ECB and so forth, and I want to draw attention, Chairman, to Vol. 2, page 49, which is effectively a report that was commissioned by ... completed by the National Treasury Management Agency in March 2011, basically on burden-sharing for senior and subordinated....
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Kieran O'Donnell: And how much would that have saved the State, the taxpayer?