Results 3,381-3,400 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: Thank you, Chairman, and welcome, Mr. McCreevy. Going back to the financial arrangements, you call it the Dermot McCarthy compromise. The memorandum of understanding between the Central Bank and the Financial Regulator dealt with the responsibilities being divided between the Central Bank and the IFSRA. Was there clarity on what should be dealt with by the regulator and was there an...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: And-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: Yes. But you were trying to run a fiscal policy where credit was expanding at 25% a year. Was there not a need to tell the guys in Dame Street, "Hey, we can't continue like this"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: Because in your introductory remarks, you referred to the "wall of money" coming in and that the downside was the loss of the interest rate as a method of control.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: You did indeed, yes, yes. So, was there any mechanism to deal with your concerns, the wall of money-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: -----and the loss of the interest rate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: But were the design faults there from the beginning?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: I know it's the realm of speculation, but supposing we had at the separate regulator, and supposing we were looking to have a body which has the prestige, which say the IDA has, would that not have helped to say, "Look-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: -----this rate of credit expansion and this rate of concentration on construction will end in tears?"
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: Yes, and------
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: It was more or less the model ... rather than the individual. You say on page 7 of your statement, "I cannot recall [reports from the statutory auditors at the banks] ever being discussed in the department."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: But we know from some of those accounts in June 2008, that they were putting banks as solvent which were into your successor within a matter of months looking for money. So did the accountants play a proper role in this, in retrospect, and as an accountant yourself?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: The last sentence, I think, yes, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: I'm on a time constraint, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: On the wrap-up question then, well how did so many accountants and central bankers and, indeed, the bankers themselves, land us in so much trouble?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Sean Barrett: Thank you. And thank you, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Sean Barrett: Thank you Chairman and welcome back Mr. Cowen. The memorandum of understanding between the Central Bank and the Financial Regulator dealt with the responsibilities of both organisations. Was there enough clarity in that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Sean Barrett: Was there an expectation that the Governor would invoke his rights under the MOU and intervene with the Financial Regulator and did any examples of that cross your desk?