Results 18,681-18,700 of 26,148 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: I refer to financial regulation and so forth. At what point in time prior to the guarantee does Professor Honohan believe the banks were insolvent? Was there a scenario in the context of financial regulation that the tail was wagging the dog in the relationship between the regulators and the banks?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: When?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: The horse had bolted in 2006 and it was too late to impose the additional capital requirements.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: I refer to Professor Honohan's paper, Resolving the Banking Crisis. Was it not astounding that it was not picked up that Anglo Irish Bank's balance sheet was growing at an average of 37% over a nine year period between 1998 and 2007 and INBS's was growing at more than 20% annually during that period?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Does Professor Honohan believe during that period that the tail was wagging the dog?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Was the financial regulation from 2002 onwards fit for purpose?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Professor Honohan has stated, "While regulation has self-evidently failed...".

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Does Professor Honohan then believe it was not fit for purpose at the time?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: What language would Professor Honohan use?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Chairman, may I ask another question?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: I wish to touch on two quick points. First, I refer to the time of the night of the guarantee. On page 118 of his report, the Governor makes reference to this point when he stated:While considerable effort was thus devoted to preparing for a liquidity crisis, this period was also noteworthy for the unravelling of the Quinn-Anglo CFD affair, which was not ultimately resolved in a...

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: There was a situation in which the Financial Regulator was regulating both Anglo and Quinn Insurance. Was there a question regarding the decision and the views taken at the time, in terms of how they dealt with Anglo? In the Governor's investigations, did it form part of the deliberations that there might be contagion with the Quinn Group in respect of how they would deal with Anglo?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Well, the existing linkages; the linkages were there.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Quinn still had significant loans from Anglo in respect of the purchase of Anglo shares.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Even though the regulator was regulating both.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Can I then go back to the European Central Bank, ECB?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: The Professor's role is Governor of the Central Bank of Ireland and he is our representative on the ECB. Is it fair of me to state the Governor is the representative of the ECB in Ireland?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: Is the ECB aware of that?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: In a final point, would the Governor encourage the ECB, in his role as the Irish representative?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Kieran O'Donnell: I will phrase it in another way. Does the Governor anticipate that the ECB will look favourably on the inquiry and will appear before the committee?