Results 17,141-17,160 of 26,053 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Well, I ... I think it's ... it's ... it's a bit like the elephant in the room that ... that the ... we have an institution here that, clearly, was getting major discounts on its collateral in terms of what the haircuts, as you call it, from the ECB, over a long period of time. Would that not indicate, Mr. Grimes, that there was ... that the level ... that the type of loans that ... that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: No, I'm not ... no and I'm not saying-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: But ... but I would think it would be reasonable to say ... I'm not talking about a specific institution, but, clearly, the level of discount that's applied in respect of ... if you're giving over something that is a loan of a value of, we'll say, €1 million, and you're getting back only 50% of that by way of ... of funding from the ECB, that's clearly of a less quality than giving...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And did you have concern over ... that it was over a long period of time that that level of haircut had been applied on any institution? Is it ... would it be a cause of concern to the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Okay, and, just, I suppose, to follow on from that, you finish out ... in terms of your ... you were present at the first meeting on the night of the guarantee. Were you present at any further meetings?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And what ... what happened at subsequent meetings that you attended?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And can I finish on one point?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Yes, last question, Chairman, thank you. Finish up on one point. The big issue around the night of the guarantee is clear around the issue of solvency versus liquidity. The question I have to ask is: what would have been the test of the Central Bank would have looked at to ensure that the Irish banks were solvent on the night of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Thanks, Chairman. Could I refer again, Chairman, to Vol. 1, page 57? It's a domestic standing group committee meeting of 8 July '08 which, Mr. Grimes, you attended on behalf of the Central Bank and it relates to the Quinn Group. It says: Consideration was also required given the exposure of the Irish banking system and the Irish economy to the Quinn Group and the impact on investor...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And that ... do you remember that particular issue coming up at the domestic standing group and what was the context in which it was brought up? Do you remember that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And was the Central Bank supportive of the unwinding process that unfolded?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Would you regard it as a stability issue for the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: You would have seen ... there could have been a stability issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And would you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: You were consulted by the Financial Regulator in the type of process that was put in place to unwind the shares?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Okay, and the ... the final question I want to ask was, we spoke earlier, and when I asked you about, you said one institution that the level of discounts the ECB was applying to loans that were being provided as security for funding was very very high. A very high hair shirt you called it at the time-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Haircut. What did I, hair ... hair shirt, haircut.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: I presume Chairman, like everyone else, I get a bit of extra time, thank you Chairman. I think I'm too much of a gentleman, Chairman. Can I go back and say that, did it apply to any other institution that they were getting that level of discounts?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: The question I suppose I'm asking was, did it apply to any other financial institution in Ireland?