Oireachtas Joint and Select Committees

Wednesday, 17 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. David Doyle:

I am aware that there's a criticism that the bank, the Central Bank/regulator ... it ended up as a single organisation, but ... they were criticised for not being sufficiently interventionist, particularly in relation to one institution, which I don't think ... I'm not sure whether it has been named or not, and that they were overly concerned about legal exposures. So there was ... there is that criticism, but I am aware that, in 2006, they decided to tighten up on the capital adequacy requirements for 100% mortgages. There was action in 2007. That was too little, too late. In relation to imposition of fines, I do recall them imposing fines on one particular organisation which I, I don't propose to mention, Chairman, on foot of an issue that was brought to them by the auditor of that organisation, and that, as I understand, was actioned and might have led to some penalties; and there were other penalties emerged. But there was no ... like, in relation to the big issue of what was happening this big explosion in credit-----

Comments

No comments

Log in or join to post a public comment.