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Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: If I can move you to the going concern position for the end of 2008. And again, KPMG referred to ... that this was a completely different experience. They had to consult with the regulator, with the Department of Finance, with the Central Bank, with everybody. That it was an "unprecedented" was the word they used. And that's pages 125 to 126 of KPMG’s evidence from last week. ...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: No, but he'll be familiar, I hope, with what happened in Bank of Ireland.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Was it unprecedented at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: You were very involved.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Thanks Chair, I have a couple of shorter questions and then a longer one. When you were saying there to Deputy McGrath that it was ... it would have been open to you potentially to disclose the level of property concentration at any time, did the bank ever ask you not to make such a disclosure?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Did the Financial Regulator or the Central Bank ever ask you not to?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: In terms of the dealings, did you have any dealings with the Minister for Finance, the Department of Finance, the Taoiseach or the Taoiseach's office prior to 2008?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Phone calls, conversations, meetings.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Yes, in relation to your role here as Bank of Ireland auditor.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Were you involved with Bank of Ireland on the night of the guarantee, were you standing by or taking phone calls?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: So can you just give me some clarity about the work that you did do that you've just explained, the kind of timeline for that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Sorry, I didn't realise ... I wasn't trying to go in to that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: No, I wasn't trying to go there. I am sorry, I didn't mean to.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Okay, there was no ... sorry Chair, I wasn't asking.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: No that's fine, I was trying to establish whether there was any other work that you might have done, with your Bank of Ireland-only hat on?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Thank you, that's what I mean to say, I beg your pardon. In terms of your team of 200 people that worked with you, did you have to ... did you go abroad to recruit or were all those people recruited in Ireland or did you have a mix of people?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: So for some of them, they would have needed training about the Irish property market, about Ireland, about the way in which we ... you know the businesses day to day, if they were coming from abroad?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: Did you ... did your audit team audit Bank of Ireland understanding that the bank was too big to fail?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: So it was never discussed with the bank management, you know, look we're-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Susan O'Keeffe: On several occasions you have referred to the idea of financial statements faithfully representing the past at a particular time, you've talked about never getting involved in the running of the bank. Can you then clarify for me the role that you did have prior ... I'm sorry, post-September 2008, when it was all, as you said yourselves, in a completely unprecedented situation, you were now...

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