Monday 11 December 2017

Ten things we learned from Brian Cowen at Banking Inquiry today

Former Taoiseach Brian Cowen arriving for the Oireachtas Banking Inquiry at Leinster House. Photo: Tom Burke
Former Taoiseach Brian Cowen arriving for the Oireachtas Banking Inquiry at Leinster House. Photo: Tom Burke
Daniel McConnell

Daniel McConnell

HERE are ten things we learned from former Taoiseach Brian Cowen at the Banking Inquiry today:

1: Taoiseach Brian Cowen felt ECB briefings against Ireland in the run up to the November 2010 bail out were unacceptable.

2: Mr Cowen said he underestimated the impact of the arrival of IMF officials in Dublin, saying it made it look like a bail out deal was inevitable.

3: Mr Cowen said the November 19 2010 letter from ECB President Jean Claude Trichet which “threatened withdrawal” of ECB funds was “not well received by us”.

Read more: Banking inquiry: Night of bank guarantee was like "Wall Street 1929" - Cowen

4: Mr Cowen attended golf outing with Anglo Irish Bank executives in July 2008 along with his friends Fintan Drury and Alan Gray, economist and Central Bank director.

5: Mr Cowen admitted he should not have played the controversial golf game with Anglo executives “if only for the optics”.

6: Mr Cowen called Mr Gray on the night of the Guarantee for his advice.

7: Mr Cowen told the Inquiry that Mr Gray did not tell him that Anglo CEO David Drumm and Chairman Sean Fitzpatrick had called to his office earlier that day to tell him the bank was in deep trouble.

Read more: Cowen expected to blame ECB for bouncing Ireland into Troika bailout

8: Mr Cowen said John Hurley's warnings had significant impact on key  Guarantee meeting.

9: Mr  Cowen said the blanket bank guarantee decision was the best, given the information available.

10: Brian Lenihan was not present when decision to include junior bondholders in guarantee was taken.

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