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

Susan O'Keeffe: Okay. I'm just thinking about the public's idea of Cabinet responsibility and collective Cabinet decision. It seems from what you've both said, in fact, that neither of you knew anything of the build-up, anything about the legislation, anything about the planning, anything about the crisis, anything about all the documents that ... now, in fairness, we've seen a lot of documents. But it...

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

Susan O'Keeffe: But the crisis had been building for a long time.

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

Susan O'Keeffe: I have one clarification.

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

Susan O'Keeffe: The clarification is that in the fourth quarter of 2008, Mr. Gormley, that you say that the contracts for difference, you were notified then, at that point, in the fourth quarter of 2008. I just want to ask, is that correct, and is it correct for you also, Ms Harney? Page 5 of your own statement.

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

Susan O'Keeffe: You say you "were informed by Minister Brian Lenihan of the extent of losses that Sean Quinn had accumulated through the purchase of Anglo share options." Is it correct that you found out at that point?

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

Susan O'Keeffe: And Ms Harney? Do you remember?

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

Susan O'Keeffe: It's the top of page 5.

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

Susan O'Keeffe: I beg your pardon.

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

Susan O'Keeffe: Do you remember if it was before or after the night of the guarantee?

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

Susan O'Keeffe: Thank you.

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

Susan O'Keeffe: Chair, can I ask for clarification? Given the weight of importance that Mr. Gormley has given to Mr. McWilliams' correspondence ... that we just ask Mr. Gormley why it was he chose Mr. McWilliams because no one else has asked that question? Why was it Mr. McWilliams that you chose to be the one to ask for advice? Thank you, Chair.

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

Susan O'Keeffe: Thank you, Ms Clarke. I appreciate that you have said that you were not involved at all in credit and I just wondered ... Ms Tinney's observations today, the detail she gave about how those final decisions were made, obviously that is not something you knew about.

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

Susan O'Keeffe: Exactly. But she does go on, she does talk about the sort of feeding frenzy as the banks - I am quoting - "clambered over one another to get a piece of the action". I am just wondering, given that you were in the society at that time and you were working there for a long time-----

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

Susan O'Keeffe: How would you, how would you describe that? Do you think that that's a fair description of what was going on?

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

Susan O'Keeffe: And then finally, what, if any, was your relationship with the Financial Regulator's office either in your time as the head of credit operation risk and then as the chief risk officer, because obviously we have heard testimony about the fact that, you know, they had very few people? They had two people, maybe, across two institutions, so do you consider that you would have been adequately...

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

Susan O'Keeffe: Would you have had an inspection once a year or once every two years or-----

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

Susan O'Keeffe: Once every-----

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

Susan O'Keeffe: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Susan O'Keeffe: Thank you, Chair. Mr. Bruton, how many times did you seek to meet with officials from the Central Bank or from the Financial Regulator or from the NTMA in your role as financial spokesperson? Or did you ... or were you able to do that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Susan O'Keeffe: But would you have been very much, if you like, on the outside as an Opposition person? Does that mean that you were not given access? You wouldn't have seen documents that they had? You would have just had the briefings that were there, the financial stability reports and so on?

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