Results 2,881-2,900 of 4,414 for speaker:Sean Barrett

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: But the Governor has brought that back to 80% maximum mortgage now as part of a macroprudential measure so I think, in retrospect, isn't it quite plausible that 100% mortgages did cause a lot of the subsequent problems?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Did banks have an approach to where people had borrowed from multiple banks? Did you know the extent of that practice taking place?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Yes

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Was risk regarded as almost mathematical modelling by the banks, rather than looking in what was actually happening in markets, particularly in property?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Did the auditors, internal or external, draw your attention to any of the problems which were on their way?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Did the bank discuss the Morgan Kelly articles when they were published?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: And what was the reaction?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: In the reforms of the bank that have taken place in the recent past, what are the ... could you tell us the items that have been changed compared to the period when the bank got into trouble?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Thank you, Chairman, and I just want to put some questions to our visitors, Chairman. Just the ... your ... paragraph 12 of your remarks, Mr. Burrows, strategy 2000-2007, to go from €12 billion capitalisation to €30 billion, and then €40 billion; that was a ... by 2007. That was a board decision, was the ... to adopt that? Was it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Thank you. Now, could I ask that CIF, page 99, Vol. 1, be put on the screen, please? Now, it's from the presentation of Mr. Simon Carswell, Chairman, on 26 February, and the third paragraph on page 99 reads:In 2006 the Financial Regulator started to consider the introduction of compliance statements for directors of banks. This would allow the regulator to force the management and the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Yes. Because, you know, there's part of the earlier matter that we discussed, the letter of 2 April 2007 to the regulator saying the Bank of Ireland was comfortable exceeding the 200% limit. It looks like the regulator tried to do something about it, and the industry lobbied, but not the Bank of Ireland; is that ...?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Was there a board discussion of the matter?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: I see. Could I also say in relation to regulation, if we bring up document R3b? And this was ... it's the minutes, it's page 7, it's the minutes, Chairman, of a meeting of the group risk policy committee where they were asked by the regulator to address failures to adequately verify the income or the source of the borrower deposit. That was the regulator's concern. And the reply is on the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Yes. Does it not indicate that, to say the least, you were a hard company to regulate in the attitude to the regulator, or do you say you maybe ... perhaps you were an easy company to regulate? But it does seem strange that not verifying the income of the borrowers should become an issue between the regulator and the bank.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: There's just one other that there's ... in volume B4 on page 30

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Thank you. There's a ... this is from the regulator to the bank: "[Bank of Ireland] is to advise the Financial Regulator as to whether it is satisfied that the concerns expressed at the Group Credit Committee meeting on 30 August 2007 have been addressed." And that communication is dated March 2008, so there appears that something that arose in 2007 had not been satisfactorily replied to,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Thank you, gentlemen. Thank you, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: Thank you very much, Chairman, and welcome to our visitors this afternoon. Just, on the regulation of accountants, you mentioned the CARB report. I suppose there'd be two observations, one, it's taken seven years since the ... the need for the guarantee, and two, it's been furnished only to yourselves, and not to the public, who had to pay the €64 billion. I mean, is that the way...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Sean Barrett: In the next few months. I'd hope it would be able to assist this committee. The IASA, as far as I can see, has issued no report on this whole issue. Is ... is that correct?