Results 17,701-17,720 of 26,053 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: On that point, like, the Rusnak came to prominence in '02, Faldor case in '03, the foreign exchange rate setting came in '04.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: So I mean, I suppose to borrow an Oscar Wilde phrase, for one to happen would be unfortunate, two is careless. So clearly people were not taking account of the investigations that were going on in the other areas. So how do you finally account for that? And you might also explain to me as well in terms of property lending, that during your tenure, post '04, so '04 and '05, you had an...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: And that's significantly higher than your two main competitors at the time, Bank of Ireland, which was 24% and 23%, half of that amount virtually, and Anglo were at a figure of 35% and 38%. So you might explain how we have these sequence of events whereby you had these various defrauding of customers happening and, at the same time, '04 and '05, you had this rapid explosion in property...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: Could you move on to the loans then?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: You were significantly ahead of your competitors.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: Was it endemic in the culture of AIB?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: Can I just move on to Mr. Sheehy? Just on the whole issue, I am taking the property side. You would have very much breached the prudential lending limits in July '06. How do you reconcile that, because you were effectively, by the end of 2006 you were breaching these limits significantly and by 2008 you were way ahead. You were ... effectively, you could have about 250% of own funds in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: It is B2, Vol. 1, page 6.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: You are familiar with it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: Taking that context, Mr. Sheehy, at the end of 2008, you were far in excess. You were breaching the guidelines on one sector, we'll say, which should have been 200%, you were at 275%. The two sectors should have been at 250% and you were at 390%. Was the regulator in agreement with this, satisfied with this?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: You were getting to the top of the hill?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: No, I'm asking how did the regulator view that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: There are two questions, Mr. Sheehy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: No. 1-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: -----why you breached it-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: -----and, No. 2, what view did the regulator take?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: Should you have breached the limits?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: And can you explain, Mr. Sheehy, why, under your tenure, between '05 on, your development loans, property and construction loans, you had a 52% rise in '05; '06, 41%; '07, 32%; way in excess of your competitors in Bank of Ireland, which were 23%, 23% and 22%, virtually ... significantly less. And, looking at it, that even with Anglo in 2005, you had 52% of an increase and you had ... Anglo...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: Well, except, Mr. Sheehy, it made you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Kieran O'Donnell: Correct, I accept that, but generally.