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Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Thank you. We have been told by other people that part of the Financial Regulator's job in the past was to support the growth of the financial industry in Ireland.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Support of the financial industry in Ireland-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: -----particularly the IFSC.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Is that still part of your remit?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Just go back to fines for me for a moment.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: We talked about fines.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Is there a timeframe laid down for a company that might be fined? Does it get a month, or six months, or a year to pay the fine and, if so, are companies paying their fines?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: And where does that money go?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Okay. How would you describe the political influence, if any, on the Central Bank Financial Regulator's office now?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Have you ever had cause to meet the Minister for Finance or officials from the Department of Finance, or either, or both?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Okay. And finally, if you were to use ... sorry. If you were to look at banks now, today, in your capacity, in your office, can you see clearly whether a bank, any bank, has very high exposure, a very high concentration to any ... you know, concentration, say, to-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: You can see that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: And is there any way of a bank hiding that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: And finally what words would you describe ... use to describe the banking system today? Would you say it was robust, or frail, or in a flux, or what words would you use?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: How does the ECB show its worry?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: He is now joking.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: I promise to be back in time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Thank you, Chair. Mr. O'Connell, do you take any share of responsibility for ... for what happened? You personally?

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