Results 2,621-2,640 of 4,414 for speaker:Sean Barrett

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Sean Barrett: We had at the same time Ulster Bank, Royal Bank of Scotland, DEPFA, Saxony Land Bank: I mean, it wasn't just the banks that you had to deal with, there seemed to be just a culture of banking in Ireland that involved losing large amounts of money by just being here, whether they were headquartered elsewhere or not. Have you had thoughts on why that happened?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Sean Barrett: Of the 772 people who borrowed €73.9 billion, Mr. McDonagh mentioned five people had repaid. Were those out of the first group, the 12 who borrowed €22.2 billion? And the danger is moral hazard, if they got away with it, well then there's no penalty for the way they were conducting themselves. Was it just five people you said earlier about the people who had repaid?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Sean Barrett: There are 767 to go maybe?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Sean Barrett: I think I share your surprise and disappointment that of the 6,000 houses you offered to local authorities, about 1,200 have been taken up. Should the rest be a fire sale, if somebody can buy them for a couple of hundred and do them up? It's better than having them going into rack and ruin?

Seanad: Roads Bill 2014: Committee Stage (23 Apr 2015)

Sean Barrett: I move amendment No. 1: In page 11, between lines 2 and 3, to insert the following:“(3) The Minister shall require the Authority to publish a cost-benefit analysis of each road project a minimum of six months before approval of the project.”.I welcome the Minister to the House. I am particularly indebted to him and to the House because they facilitated a rearrangement of the...

Seanad: Roads Bill 2014: Committee Stage (23 Apr 2015)

Sean Barrett: I thank the Minister, as always, for his reply. Sometimes other Departments can be abolished. Will the responsibilities of the Department of Public Expenditure and Reform be returned to the Department of Finance by a future government? Will there still be people doing this kind of appraisal and so forth? I welcome what the Minister said about the strategic framework, which will be most...

Seanad: Roads Bill 2014: Committee Stage (23 Apr 2015)

Sean Barrett: I move amendment No. 2: In page 11, between lines 9 and 10, to insert the following:“(2) The Authority shall, on receipt of a request from the Minister, conduct research and publish advice on the appropriate taxation of heavy goods vehicles and their road track costs.”.This section Bill concerns advice on services, a matter we discussed in this House with a previous Minister at...

Seanad: Roads Bill 2014: Committee Stage (23 Apr 2015)

Sean Barrett: Much of the role to which I referred was previously performed by An Foras Forbartha Teoranta before it was abolished by a previous Government. As I understand it, some parts of its function were subsequently transferred into the NRA. There was a distinguished record of publication by people at An Foras Forbartha Teoranta such as Peter O'Keeffe, Patrick McGuinness and Colm McCarthy, the...

Seanad: Roads Bill 2014: Committee Stage (23 Apr 2015)

Sean Barrett: I thank the Acting Chairman for that clarification. I was not aware it was the case.

Seanad: Roads Bill 2014: Committee Stage (23 Apr 2015)

Sean Barrett: I am indebted to Senator Pat O'Neill and the Minister for what they have said. If we can think of any more ideas to bring forward next week, we will be delighted to do so, within the constraints imposed by the Joint Committee of Inquiry into the Banking Crisis. A thought I had regarding the Minister's second response was that engineering expertise was needed. Is it available in the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: Thank you Chairman. You are very welcome, Mr. Forde. On page 4, part of the professional valuations were frequently but not always thought by AIB to evaluate property as a security. Could I refer to AIB before Vol. 1 on page 10. You were referring to part 2006 in your statement today, but the board minutes show this problem persisted two and a half years later, 2006, 2007 and half way...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: Indeed. Thank you. It is page 10. It may be on your screen now. It is AIB, B4, it was issued to us on 31 March. The paragraph begins at the conclusion. In fact, the other two below it are redacted.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: Could I ... AIB B2 on page 6, if we could have that one up please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: Vol. 1, thank you Chairman. As that's being sought, it refers to a board discussion, AIB's exposure to the broad property building construction sector, amounted to 260% of own funds, while the limit was 250%. And let me go on, the board requested that this issue be pursued with the IFSRA, given that the standards clearly required revision. Is that me saying I was speeding but the speed...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: Now on B3, Vol. 1, page 17 and it's also Vol. 1 for our colleagues-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: Yes, Vol. 1, Chairman. This deals with a proposal to revise the adjusted loan-deposit ratio. How did it get to the board? Did somebody propose it? Did somebody second it? Because it makes a 162% ratio into a 115% ratio. Was this also because we didn't like the regulator when we went over the limit? I mean, again, it seems to illustrate to me a casual attitude towards regulation. If...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: Because our briefing notes were that it should have been at 120% and I appreciate what you said and thank you for the answer and so that when it went to 157%, we found a way to bring it back to 115% with many commentators suggesting that the ratio in excess of 120% to be less than ideal.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: Now the fact that 56% discount had to be applied to AIB, only 5 points off, what does that mean about the conduct of the bank that it ended up as a silver medalist to Anglo in a competition nobody wanted to be in?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: This is the discount that NAMA applied to what was transferred over from AIB, 56% and Anglo was 61% and Bank of Ireland was 43%.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Sean Barrett: I see the conference of management on 22 March 2007, the title was "Poised on the edge of greatness". I mean, was the board in no way anticipating what was just around the corner?