Results 3,041-3,060 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Sean Barrett: Thank you, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Sean Barrett: Thank you, Chairman, and welcome. Do you believe that there were effective instruments available to deal with excessive credit growth and sector risk concentration?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Sean Barrett: But doesn't that bring to one of our problems, Mr. Horan, that our banks seemed to do nothing else except invest in property at some stage? The remainder of the loan book was shrinking as a percentage of the total at a very rapid rate.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Sean Barrett: So we needed them-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Sean Barrett: You said that the measures, on page 7 of your paper, that the measures were the most stringent capital regime in Europe, but the downfall was also the most adverse. How did the most stringent rules produce the worst outcome?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Sean Barrett: I see, yes. The opposition to the CRD requirements from within the industry, could you tell us something about that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Sean Barrett: Your statement on page 11, does that contradict that or does it apply to all banks? What you say that banks were woefully under capitalised and what would they need to do to bring themselves up to the capitalisation of Google, say, for example?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Sean Barrett: How much more capital did they need, double it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Sean Barrett: Double to triple. Thank you very much. Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Thank you very much, Chairman, and welcome, Mr. Neary. The CAMEL that you described in your introduction, is that dispensed with now or is it still in operation, the CAMEL model of bank regulation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Well, in that sense, would we replace the CAMEL by an Irish wolfhound who would look at things like loans-to-deposit, sectoral concentration, loan-to-value, and that principles-based regulation without a statutory basis and without sanctions does not work, and that this wolfhound would bark and bite as distinct from the five-level CAMEL, which has got us into this situation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: You told my colleague, Senator D'Arcy, that it wasn't your job to tell a bank how to run itself. Could I put it to you that, because of the guarantee and the lender of last resort, it was your job, and that's the difference between banks and bicycle shops and dry cleaners?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Yes, thank you, Chairman. We don't have to bail out bicycle shops or dry cleaners; we do have to bail out banks, therefore, you should have said in response to Senator D'Arcy's question, you know, "You keep lending that much to property and you'll be calling upon me and my colleagues and the legislators in Leinster House for €64 billion."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: In the operation of regulation ... Chairman, could we go to Vol. 1 and page 104? And that relates to 2004, Financial Regulator letter to a director of a large financial institution. And just reading from here, Chairman.The letter refers to a meeting which took place in September 2003 and a follow up meeting in February 2004. A period of 9 months had elapsed between the two meetings, though...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: And the whole process took a year or so, was it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Could I refer you to page 67 in the same volume if I may? This was when your office pointed out to Bank of Ireland that they exceeded the 200% limit in real estate, their response was, ''Bank of Ireland remains comfortable with the exposure in this category.'' Is that an acceptable response to a regulator in the public interest? It tells somebody, "You're breaching our practices", and he...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: It's page 67.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Vol. 3, 19 May and page 67.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: And the remark about being comfortable is in the last paragraph.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Page 68. Last paragraph. Very last paragraph. I'll just read it out for him.