Results 2,761-2,780 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

John Paul Phelan: Just to play devil's advocate to previous comments about the size of financial institutions, and bearing in mind that the view is very different from the United States, do big banks not have advantages for individual customers and corporations in terms of international credit and international trade, provided they are properly regulated? Is the size of the bank not a secondary issue to the...

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

John Paul Phelan: The point is that whether they are properly regulated is the primary issue, rather than large or small.

Committee of Inquiry into the Banking Crisis: Context Phase (28 Jan 2015)

John Paul Phelan: Professor Kane stated in a lecture given at King's College, Cambridge, a number of years ago that banks outsource and shortcut due diligence. Can he provide a basic description of how they do that?

Written Answers — Department of Finance: Tax Code (3 Feb 2015)

John Paul Phelan: 276. To ask the Minister for Finance his plans to make changes in the next budget to treat cohabiting couples the same as married couples in terms of their income tax; the cost to the Exchequer of such a change; and if he will make a statement on the matter. [4847/15]

Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Second Stage (Resumed) (4 Feb 2015)

John Paul Phelan: I welcome the Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015. Like Deputy Paul J. Connaughton, I was inundated with representations from constituents who had mortgages taken out with institutions no longer in existence, which mortgages were subsequently sold to another mortgage provider primarily existing outside the State. These constituents raised real concerns about...

Customs Bill 2014: Second Stage (Resumed) (5 Feb 2015)

John Paul Phelan: I pick up where Deputy McLoughlin left off. I thank the Customs and Excise service and An Garda Síochána for their efforts in protecting our borders commercially. The Deputy pointed out that they may need more resources. I know there is a constant demand on Ministers for more resources. I will make that point later in my contribution. We are dealing with legislation in the...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: I welcome Professor Black. To continue the point the Chairman just asked him about auditors, he said in his opening statement that we are still operating under the same accountancy rules today as we were six or seven years ago. Will he outline for the committee the changes to those rules with regard to external auditors that could be made?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: Who should operate the relegation?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: I refer to the answer Professor Black gave earlier to the first question asked by the Chairman about the growth rate in banks' balance sheets. Professor Black spoke about the 25% cap in the United States. Wearing two of his four caps that he mentioned at the start in terms of economics and regulator, what does he believe is the optimal sustainable growth rate for a bank?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: Professor Black has written extensively, and it was touched on earlier, about this perverse compensation and employment incentives within banks. Does Professor Black have a view as to how the remuneration systems within financial institutions should be run differently from the way they have been?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: With regard to financial reporting by banks and other financial institutions, does Professor Black believe they should be treated the same as other businesses in providing quarterly stock market reports and results or can a case be made to treat them differently?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: Does Professor Black feel six or seven years on from the major difficulties financial institutions got into that current regulation is fit for purpose?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: Professor Black gave a number of interviews to Irish media outlets at the end of 2010. In one newspaper interview, he said the Lehman Brothers crisis had saved Ireland from an existential threat. What did he mean by that? Did international factors have an impact on what happened in Ireland?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: At the end of 2010, in a Irish television interview, Professor Black said, "Nobody has responded to the crisis as stupidly as the Irish Government have responded". Will he elaborate on what he meant at the time?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: I have a number of quick questions for Professor Black, the first of which relates to auditors. Did his own investigations in the 1990s in the US lead to the prosecution or fining of auditors for their activities?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: In answer to an earlier question, the professor poured some cold water on Basel III. Does he think that the Basel process is capable of working or delivering results?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: I welcome Mr. Nava to the meeting. In response to Deputy McGrath's question about the years when the crisis first hit here, Mr. Nava said that Ireland met the minimum standards that were laid out by the Commission.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: Does that not beg the question as to whether those minimum standards served any purpose, in light of what we know now in terms of what was going on in financial institutions in Ireland and elsewhere? What was the purpose of those standards?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: I understand that but it is of very little consolation to the Irish taxpayer that the standards were increased subsequently. In your opening report - and I do not want to be insulting to what Mr. Nava said ---

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

John Paul Phelan: I am not going to be. In his opening statement, he outlined a system of trial and error. There is a strongly held belief in Ireland that we have been at the thin end of the wedge, to use an Irish phrase, in terms of that trial and error process. While changes may have been made subsequently, regulation for which the Commission had an oversight responsibility was wholly inadequate and...