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Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Mr. Neary, when you came in this morning you said to us that you regretted what had happened. You said the system failed, you said you'd bought into the principle-based regulation. You then laid out your own statement in which you talked about stress testing, White Papers, Central Bank forecasts, strategic plans, Basel, inspections, capital requirements to domestic standing group. I would...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Yes, but you spent 15 minutes telling us how you were right. You didn't-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: But we know what the authority did.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: And what went wrong in the detail, Mr. Neary, because obviously that it is part of the problem? Lots of people have been surmising about might and might not have happened. You were central, you were there, as were your colleagues. And yet, we are still no clearer, after being here for two and a half hours or whatever, we are no ... really no clearer as to what the mistakes were that were...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: I appreciate that ... perhaps you might now in the remaining time that we do have, step us through the sorts of errors and mistakes because bearing in mind Mr. Honohan's report was anonymous-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Thanks, Chair. Going back, if I may, just to clarify a couple of things that you mentioned earlier. You say you'd played a few rounds of golf with Sean FitzPatrick and Willie McAteer, and then, you didn't play any more golf with them, is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Okay. Why did you stop playing golf with them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Would you have called them friends?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Did you ever play golf with Brian Cowen or with any politician?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: No. Did you ever have any private meetings with politicians across this period of time when you were the regulator? Because we've discussed lots of, sorts of, private meetings today.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: At the beginning of the contact for difference discussions that you began to have, did you treat that as a private matter ... that somebody had trusted in you to tell you the rumour or did you immediately inform your colleagues? Did you inform the Minister for Finance? Did you inform the Taoiseach? Did you have an emergency meeting? What did you do?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Yes, and you've said that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: And did you ever refer to the Minister for Finance or to the Taoiseach's office or-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: -----or to the Central Bank, to the Governor?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Because?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: No, that's fine. Did you ever have a meeting off site with, Seán Quinn or with Seán FitzPatrick ... out of your own office, I mean? As a private meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Susan O'Keeffe: Yes?

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