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Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: On ... in your own statement, you make a reference to the two main banks deciding to sell off their headquarter buildings. I'm asking whether you know or whether you were surmising what you ... what you go on to say was that "the case that their lending colleagues in the banks were at the same time even financing in whole or in part the acquisition of these premises." Do you know that that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Because if you don't know-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Yes-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Okay. What is the strength of your feeling about things going wrong and so on? Did you ever write to anyone outside of your own circle, if you like ... of your own superiors ... so to the Department of Finance, to the Minister, to anybody?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: And what response would you have had?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Did people use that language, or are you using it as you look back?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Are you using the expression "on a roll", because people used it to you at the time or are you just using it now as a common parlance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Okay, you presume-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Okay, that's fine. All right. I mean, you were with the Central Bank and the Financial Regulator for your professional career, is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: So generally speaking ... public servants, people working in that sector, generally tend to put things in writing ... tend to be quite formal. And yet we've asked about a number of things that you've raised and you have said to us that on each occasion that you did it informally, that you might've said it rather than written it. Why? Was there a reason why you didn't write all those things...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Deputy Higgins particularly asked, he said, you know, would you not ... was it ever the case that you might've called a meeting together of those people because you felt so strongly and that would've, if you like, given it formal intent, rather than, as you say, an informal thing which we're all ... we all do all the time ... people might pay attention. So, I'm just wondering why there was...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: I'm sorry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: You were a member ...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Yes, but, at the same time, you've said that while you may have been expressing these views, they didn't have ... they didn't have an impact or they were not listened to. So I'm just trying to work out-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: -----at what level was the formality?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: So you did have that channel to present some of more of the robust thoughts that you had. Some of them would have made it all the way up, and some not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Mary Burke, in her evidence here, talked about informal meetings that took place on the seventh floor where ... where senior bankers came in and would meet various senior members in your offices. Were you ever part of the meetings that took place?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: So the banks would be saying things are okay. The Central Bank would be saying to them "Things are not great, you're lending too much". What would happen then? I mean, that's two diametrically opposed points of view.

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