Results 3,021-3,040 of 7,082 for speaker:John Paul Phelan

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

John Paul Phelan: I am not going to name or get into any specifics about the two institutions. It's about his scepticism more than the institution. Just to be clear, were there any formal or informal opportunities for you to ... with colleagues in the NTMA at the time, to express those scepticisms? Or was this just something that you held internally yourself or was there an opportunity?

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

John Paul Phelan: Or expressed internally within the NTMA?

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

John Paul Phelan: Mr. Daly, the issue was touched on briefly earlier with regard to personal guarantees and cross-lending where individuals or groups gave personal guarantees to several different institutions. Do you have any breakdown as to the extent of that practice within the Irish banks in the period, obviously prior to the establishment of NAMA?

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

John Paul Phelan: Can I ask you both, in relation to the establishment of NAMA itself, how did you both become involved? Essentially who recruited you to the positions that you now occupy? And, furthermore, in relation to the construct of NAMA, did you both have an input into, not, obviously, specifically the legislation, but the way that the institution was constructed?

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

John Paul Phelan: Who asked you?

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

John Paul Phelan: Mr. McDonagh, can you answer that?

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

John Paul Phelan: And would there be ... was there any indication as to why you were ... you were singled out for that or did you ... did the Minister, in his conversation, indicate?

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

John Paul Phelan: Can I ask you then in relation to when you had taken up that interim appointment and subsequently when NAMA was being discussed in the Oireachtas in 2009, the late Minister Lenihan indicated that one of the chief reasons for the establishment of NAMA was that it would lead to significant increase in lending by the banks.

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

John Paul Phelan: Yes, I just want to ask Mr. McDonagh, had you given advice to that effect and, if so, does it exist or ...

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

John Paul Phelan: Okay. I specifically want to refer, Chairman, to an article in February 2010, 8 February, Simon Carswell.

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

John Paul Phelan: Well, I spoke to-----

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

John Paul Phelan: -----earlier on. It's 8 February 2010, Simon Carswell, The Irish Times, that the IMF told the late Minister Lenihan in April 2009 that NAMA would not lead to a significant increase in lending by the banks in light of the fact that one of the chief reasons for ... given at the time in the Oireachtas for the establishment of NAMA was that it would lead to an increase. Were you aware of that...

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

John Paul Phelan: Briefly Mr. McDonagh, I want to go back to a question I asked earlier in relation to the rationale that was given by many people at the time of the legislation to establish NAMA, that its establishment would lead to an increase in bank lending. I want to put a quote to you. It is a quote from the Dáil of 16 September 2009 during the discussion on the NAMA legislation. The former and...

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

John Paul Phelan: That is fair enough. At the time that the legislation was happening, this was the major element of support for the establishment of NAMA that was expressed in the Oireachtas by different people, not just the late Minister for Finance. I felt I just needed to put that question. Perhaps it has been a long day and you were a little bit brief in your answer.

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

John Paul Phelan: We will not wrap them up yet Chairman. A couple of more questions in relation to Mr. Daly. The broader context of NAMA ... you obviously have a responsibility to obtain value for money for the taxpayer. There was also a social responsibility element which I can remember being discussed at length in both Houses at the time. I do not want you to obviously refer to specific...

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

John Paul Phelan: And finally, both of you, and I think Mr. McDonagh on page four of your opening statement, you referred to, and he went off script I think even a little bit, to refer to the fact that there was no fire sale ... you mentioned Dr. Bacon specifically. There is evidence that exists of property sold by NAMA that were subsequently resold at significantly increased prices which would seem to...

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

John Paul Phelan: Thank you, Chair. Good morning, Mr. Gleeson.

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

John Paul Phelan: I want to refer, at the start, to 2004, and to core document, AIB B1, Vol. 1, page 16. It's a minute, again, of a board meeting from 13 January 2004, where Jim O'Leary, who was then-----

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

John Paul Phelan: It's the only item on that page that isn't redacted.

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

John Paul Phelan: Jim O'Leary, then a board member of AIB, suggested to the board at that meeting that a review of lending practices into the construction sector needed to take place, and I noticed earlier on in your opening statement that you were-----