Results 2,241-2,260 of 4,414 for speaker:Sean Barrett

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

Sean Barrett: It was also extremely expensive. Professor Honohan's report has shown that our bank supervision was costing twice as much, in respect of capital, as what it was costing in Germany. How did so little supervision cost so much money relative to Germany?

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

Sean Barrett: Another finding on page 73 was that the supervision being carried out was pretty ineffectual. Let us consider case studies Nos. 1 and 2. The first was in August 2000. The Central Bank found that a bank had failings at every level from the chief executive and board to the staff at the desk but nothing happened for eight years. Why did the Central Bank want these powers when it was...

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

Sean Barrett: On page 22 Professor Honohan states that entry to economic and monetary union really triggered the housing price surge. Did the Central Bank prepare papers for Government on joining the EMU, in particular when the United Kingdom, Sweden and Denmark decided not to join? Was this seen as a risk to banking in Ireland?

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

Sean Barrett: In the paper on stress tests to which Deputy O'Donnell referred, Professor Honohan stated that the 2006 stress test was virtually meaningless. He expressed the hope that the Regulator did not take the very favourable results of this "bottom-up" self-test too seriously. When the people in this Parliament hear that something has passed a stress test it is important for us that this should...

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

Sean Barrett: Professor Honohan mentioned, when one gets to the crisis period, that the Central Bank seemed to drop back in its role. Was there some kind of breakdown in communications when the Department of Finance decided to take over? A communication on the night of the rescue to the Governor was not replied to until 18 October. Was the Central Bank becoming marginalised at that time? I think...

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

Sean Barrett: On page 151 of the report Professor Honohan examined what happened to the bottom half of the income distribution because of the guarantee. He says that the guarantee protects the less well-off, not directly by covering their bank deposits, if any, but by underpinning the functioning of the economy to provide employment and generate the tax revenue needed to pay for public services, and...

Seanad: Order of Business (20 Jan 2015)

Sean Barrett: I second what Senator Zappone said about the conference held yesterday in Dublin Castle. The Minister, Deputy Noonan, expressed serious concerns that we are creating in Europe a dangerous political vacuum as a result of the economic policies being pursued from Brussels and Frankfurt. I hope that after the elections in Greece, some of those people might stand up and say they made a mistake...

Seanad: Order of Business (20 Jan 2015)

Sean Barrett: What about the property rights of people other than developers, bankers and so on? What about the property rights of workers? I share Senator Conway's concern about the costs of the banking inquiry on which I have been happy to serve. The lawyers are on €264 an hour and that amounts to €528,000 a year. These are costs which Senator Conway has rightly condemned and on which...

Seanad: Order of Business (20 Jan 2015)

Sean Barrett: I congratulate the new Canadian ambassador to Ireland, Mr. Kevin Vickers, who has Cork ancestors and about whom the Speakers of both Houses of Parliament in Canada wrote to thank us. I have copied those letters to the Leader and to the Cathaoirleach. They are grateful for our interest when Mr. Vickers defended the Canadian Parliament against those who invaded it on 22 October. I am sure he...

Seanad: HSE National Service Plan 2015: Statements (20 Jan 2015)

Sean Barrett: I welcome the Minister. When first I came to the House the statistics documents used to be circulated. May I suggest that this statistics document should be circulated to Members because it contains a great deal of good news in spite of the statements that have been made earlier. Let us take the example of statistics for 2013. In 2011 the share of gross national income spent on the health...

Seanad: Improving the Quality of Early Years Education: Statements (21 Jan 2015)

Sean Barrett: I welcome the Minister. What we are doing is most important. The research indicates that these are really important years in a student's life. Professor James Heckman won the Nobel prize for his work in this area. I wish the Minister good luck and more power to her in addressing this issue. This could be the era of people's lives in which they will learn fastest and do the most valuable...

Seanad: Improving the Quality of Early Years Education: Statements (21 Jan 2015)

Sean Barrett: Hear, hear.

Seanad: Water Services: Motion (21 Jan 2015)

Sean Barrett: I welcome the Minister of State, Deputy Coffey. I despair when this item comes up for discussion. We, in this House, tried to improve the whole water business but neither the previous two Ministers nor the current two would accept any of the amendments which would have improved the legislation. The charge of €260 per household is a poll tax, straight from the Mrs. Thatcher school...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: I thank Mr. Regling for his report. Was ELA available in 2008?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: Why was it not availed of in either Brussels or Frankfurt, or in Dublin?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: Mr. Regling mentions on page 15 that Canada was very successful in avoiding a banking crisis, despite being next door to the United States. What aspect of Canada might this committee look at?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: How many of our problems were imported from the design faults in the euro at the beginning?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: Most Irish economists opposed joining the euro because of those design faults. I think while Mr. Regling has been very tough on the mistakes we made here, the mistakes in Frankfurt and Brussels contributed handsomely to the difficulties. The loss of the exchange rate----

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: The loss of the interest rate, weak fiscal federalism, no bank regulation----

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Sean Barrett: ---no controls over capital flow, no exit mechanism - these are still a problem.