Results 3,241-3,260 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: I want to, in my brief time that's left, reference mostly core document B4, pages 21 and 23. There's a continuous theme throughout a lot of the documents provided by Bank of Ireland that there was inadequate credit skills in the bank at precisely the time that credit was expanding rapidly. There's a quote on page 23 that I want to reference, near the bottom of that page, "A review of the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: What were the disciplinary issues, specifically there were referred to on page 21 -----

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Thank you, Chair, and welcome Mr. McCarthy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: I want to ask you firstly in relation to the relationship between Ulster Bank in the Republic and your parent company. Did the ability, and it was touched on by previous speakers, to borrow from your parent company, did it allow you to expand your loan book at a faster rate than if you were relying on funding from other, third party funding sources?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Okay. Can I ask ... changing subject slightly, I was struck by some of your answers earlier. Were you personally invested in the property market in your time in First Active, or in your time as chief executive of Ulster Bank, outside of your own residence, we'll say?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Significantly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Okay. In Ireland or overseas?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Okay. Can I ask in relation to the 100% mortgages issue, which previous speakers have touched on in questioning to you and you've pointed out that other products existed in other financial institutions at the time prior to the marketing initiative that Ulster Bank undertook, a direct quote from last week, Mr. Goggin, former chief executive of Bank of Ireland, I want to specifically quote...

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: 4%. What would it have been, sorry, originally under ... before it was marketed as a product at first-time buyers, what percentage would it have been originally?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: So 4% was still a huge increase on where it was?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: What would 4% have been figures-wise, do you know?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Okay. I want to refer briefly to the site in Dublin 4, the hotel site which has been referenced by previous speakers in their questioning. Ulster Bank was the major funder. I think it was ... the purchase cost of the site was in the region of €380 million. Where you sit or stand now, what do you think of the decision that was made in 2005 to fund that particular investment?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Can I ask just for clarification on what is the legal ... I'm asking for his opinion now on that particular investment. It's the most renowned property investment that happened at the height of the boom. I don't ... I'm not looking for personal details of why the decision was made at the time, but can I just get some clarification on-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Okay, well look-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: I won't ... I won't ... I won't pursue it, but it is, you know, I just wanted to put on record, it's probably the most significant property investment that happened at that particular juncture. Can I ask you, Mr. McCarthy, did you ever seek to have Ulster Bank loans transferred into the National Asset Management Agency provisions when it was established?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Okay. I want to again refer to a line of questioning that previous questioners have referred to, which is the sectoral limits, the 250% limit that was increased to 500%. We've had evidence from previous witnesses, most notably Mr. Gleeson, among others, who have observed that these sectoral limits, as set out by the regulator at the time, were guidelines more than limits. I just wanted to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: You didn't breach it at any-----?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: Okay. My final question, again, I can't remember who asked you the question earlier about your personal view on the guarantee, and I'm conscious of the fact you mentioned that you had a meeting with Mr. Lenihan on the day after the guarantee, but you didn't answer the question with relation to your own view as to the guarantee. Can you ... are you in a position to give the committee an...

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: What were your superiors in Royal Bank of Scotland ... can you give us any insight into what they were saying to you at the time in relation to the impact of the guarantee ... or was ... are you at liberty to divulge that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

John Paul Phelan: And did you-----