Results 3,301-3,320 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Sean Barrett: Because we did have evidence earlier that the OECD had prepared, in 2008, a section of their report on Ireland which dealt with ways you could have resolution there, but the Department took it out of the eventual report. So there was some material on resolution regimes that the OECD had provided at that time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Sean Barrett: Could I bring you to 13.6 on the same page? The section ... the last sentence: "Substantial legal risks would have arose in seeking to undertake a bank resolution when the board, senior management and shareholders of that institution would vigorously assert that the institution was fundamentally sound". Wasn't that the wrong brief to put to the Attorney General? It was that all the people...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Sean Barrett: Thank you, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Sean Barrett: Well, then, we wouldn't have had to rescue them and you'd save the €64 billion. Could I bring you to 16.2: "The DOF did not have any legal mandate to undertake its own analysis of the banks’ financial position". Does the Department of Finance not have a financial stability mandate and, in fact, doesn't the Department of Finance, as the custodian of the public purse, commission...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Sean Barrett: And is the Department of Finance more free to undertake research now than it was-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Sean Barrett: Finally, on 2.1: "On my appointment, [I think that was in 2005] I was not advised by Mr O’Gorman or Mr Considine of any substantive concerns regarding the CBFSAI structure." There's a substantial amount of evidence that the bulk of the damage was done by 2005, but you weren't advised that there was any awareness in the Department of how much of the problems to assert themselves in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Sean Barrett: It said that it did not detect a 25% per annum increase in credit.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Sean Barrett: Sectoral concentration was also in the public domain, isn't that right? It was published by the bank and by the Central Statistics Office, so the Department of Finance should have been aware of sectoral concentration, in the construction industry in particular.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Sean Barrett: A deleted section of the OECD report that we discussed this morning had that 60% of Irish bank lending was in construction, and 40% in the UK, so that we were out of line. Thanks Chairman, thank you, Mr. Beausang.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: Thank you very much, Chairman, and welcome to the Governor ... back again. You ... you said that it was a pointless cosmetic exercise when the Irish authorities were pressed by the troika to merge Anglo with the INBS and the EBS with AIB and it served no strategic purpose. What did you have in ... in mind in that reconfiguration, if you like, of Irish banking?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: But you referred, before the break, to "the evils of a concentrated banking market". Is that a problem we're now going to face?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: You were speaking to us before the break again on how you're impressed with BlackRock compared to previous examinations of Irish banks. Could you tell the committee and those watching in, what the main extra measures BlackRock brought to this particular issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: And are you bringing that new knowledge to the meetings that bank auditors have with your regulatory staff?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: So again, people looking in would be reassured that Irish banks are much better monitored to prevent a recurrence of what this committee's been examining-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: One of the things that we wanted to do is to reduce the loan-to-deposit ratio to 122.5% instead of what was an unsustainable 180%. How is progress going? Are we closer to 122%?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: Now you referred this morning, at the end of your speech to us, that you've spoken repeatedly to Oireachtas committees about the disappointingly slow progress in dealing with non-performing loans, especially mortgage arrears. What do you think should happen there?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: I note the IMF calls for "more efficient repossession proceedings" and so that would cause concern to lots of people.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: And the mortgage arrears over 720 days, are rapidly rising as a proportion of the totals. So this problem is getting worse, isn't it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: Thank you. Thanks, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Sean Barrett: OECD.