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Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: What exactly did he tell you, Mr. Burrows?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: When he said there was nothing he could do, why did he say there was nothing he could do?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: So were you surprised with the response, Mr. Burrows?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Do you think that, in your view, what else could have been discussed with Mr. Hurley that Mr. Hurley could have ... what approach would you have expected Mr. Hurley to proceed with?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: That's what triggered your approach to Government?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: And your approach to AIB?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Can I just go to the minutes of 29 September, page 19. These minutes were prepared by an L. Clooney. Can you just clarify one thing for me, would these minutes have been circulated Mr. Burrows?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Page 19. What I am more interested in Mr. Burrows, is paragraph 3 - Government Guarantee and AOB, any other business. So the question is would these minutes have been circulated?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: They were not circulated to you. Even though you were at the meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: 29th. Sorry, you weren't present at that meeting.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: So you wouldn't have been circulated then with that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Okay. You are of the view there was no guarantee, any form of draft guarantee, provided by Bank of Ireland to, even though in the minutes here they state that, "The committee prepared a draft of such a guarantee and the list of institutions that it should cover for use by BJG [Brian Goggin] in his meeting later than evening."

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: I suppose, in the last minute I have, you believe there was no guarantee, you took no guarantee of any form, any outline guarantee to Government on the night?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Your recollection is, Mr. Goggin was in before us, he said that Bank of Ireland looked for a guarantee for subordinated debt. Your recollection is that was not the case.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: No discussion whatsoever on it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Finally, Mr. Goggin informed us that he had no idea of what the exposure was for the bank. You would take issue with that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Finally, my last question, do you believe Mr. Burrows, on the night of the guarantee, was Anglo Irish and Irish Nationwide Building Society, were they solvent or insolvent?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Thanks, Chairman. I want to refer to Vol. 1, page 54 ... 53 and 54. Either of you can just advise ... the disclosure under section 27B of the Central Bank Act 1997 ... what exactly ... what are the circumstances in which ye're required to report to the ... the Financial Services Regulatory Authority on that? What are the circumstances?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Now, you reported, in respect of the '08 accounts, which is this letter here. Did you report in respect of the '07 accounts?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: But when you're ... in 2007 you had issues with going concern-----

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