Results 2,901-2,920 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Well, we have one watchdog which hasn't barked at all and another watchdog that only ... that only barks in ... in private-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Is the ... is this an appropriate system of regulation where one watchdog is silent and the other just works in private? The public ... who has asked us to investigate €100 million in equity from the Irish Government, then, obviously, shareholders' equity, and inputs from the British Government ... and the two regulatory bodies operate as ... as you've described.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: But you're a member of these bodies, isn't that right?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: The going concern basis for the accounts, this is on page 54 of the document you sent us, for the year ended 31 December 2008. Does that correspond at all to a definition of "going concern", knowing that senior people, from the client, were in Government Buildings, you know, looking for money on the 29 September, and that it ended up 98% in public ownership? That's not a going concern, I...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: You mentioned your discussions with the regulator. Did he mention to you that he had attempted to have directors' compliance statements brought forward and that there had been opposition by the industry to the Department of Finance and that those would drop and they could ... and those compliance statements could have allowed to prevent excess sectoral concentration? Did you have any...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Is it something when we come to do our report going forward, would that be a good idea to revise that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: And the ... when you were looking at the documentation in relation to loans, the CIF were here yesterday and they were requiring that NAMA should honour verbal agreements between banks and their customers. Did you come across undocumented loans when you were doing your audit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: And the high discount rate on AIB, I think 56% when it was transferred across to NAMA, was there any indication that was likely to happen when you were doing the audit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Lending without income statements, did that come up in the audit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Did you find regulatory compliance reluctance or reluctance to comply with the regulator in relation to sectoral concentration and in relation to loans to deposits, that the regulator's wishes were quite frequently ignored or disputed? Did you find that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: I'm sorry to interrupt you there. And the concerns of Jim O'Leary, who is a very eminent economist, as early as 2004 about the sectoral lending by the bank, was that brought to your attention?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: You said you were relying on the ESRI and the IMF, the Central Bank and so on, if you like, the wrong people, as it turned out, so Mr. O'Leary's advice was bypassed in favour of the group that you did rely on.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: That ... its merely in the context he was a board member and I won't raise it any further. Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: And I'd like to thank our two visitors and thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Thank you, Chairman, and welcome to our visitors this morning. Could I start with the PwC document on page 25, if I may, please? It deals with the transfers to NAMA which, from the Bank of Ireland, went at a 43% discount. Was that a surprise to the auditors?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Could I refer-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Thank you. Could I have core document BOI - RBU & LCR at page 14 displayed, please?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: It's a Bank of Ireland document, Chairman, and-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Thank you, Chairman. The statement was made by Mr. Laurence Crowley, the governor of the Bank of Ireland, and his successor endorsed it - Richard Burrows - that, on both of their times as governor, "In particular, I do not recall any issues of imprudent lending being brought to a Board by the Executives of the Bank, the internal auditors or the external auditors."