Results 3,401-3,420 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Good afternoon, Mr. Hurley. Briefly, at the start, with the benefit of hindsight, do you feel that the discussions that took place at ECOFIN level and, indeed, financial committee level in Europe on macroeconomic issues and on financial stability in the period leading up to the crash were sufficient? What decisions came from those discussions?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Okay, thank you. I want to turn you now, if I can, to core document, Vol. 3 on page 55. It is briefing on financial stability issues from 7 May 2008. In the middle ... page 55 ... the middle of page 55 under a heading, "Contingency Planning". It's on the screen in front of you, I think, there, as well. Do you see the heading, "Contingency Planning"? I want to put the quote to you. It...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: It's 7 May 2008.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Do you believe that you had identified ... the last part of the quote, "at the earliest possible stage" ... that these liquidity issues being identified. Is that the case?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: I want to come to that a little bit later, because my time is limited - I'm not trying to cut you short. But how do you reconcile that then with the statement ... or the information this morning from a question from Deputy Doherty in relation to the letter about the Irish financial institution and its access to liquidity issues that had emerged.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: But you just said there now that you were at the earliest possible stage-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Why wasn't it, in your opinion, brought to your attention? Should it have been brought to your attention - the 7 March letter, now?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Okay. I just want to turn briefly then to ... on the same document, page 57 ... the last paragraph on page 57. It should be up in front of you, I hope, in a moment. I'll wait until it comes up. Page 57 of document 3 or Vol. 3. Will there be injury time, Chairman?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: I want to wait until the quote comes up. Yes, that last paragraph, "The Central Bank and Financial Regulator are working closely with the domestic financial institutions to monitor their liquidity position on a weekly basis, [now, this is 7 May that this document was prepared] identifying where significant funding pressures may emerge in the future." I want to ... your view as to whether...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: And would it have been the case-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: And would it have been the case, then, that you would have been aware "on a weekly basis", to use that quote, when liabilities were coming due for the Irish banks at that particular point?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Okay. And then, finally, in my last couple of minutes ... the following page, page 58 ...it's what you were referencing yourself earlier about the meetings that were taking place with chief executive officers. The first paragraph on page 58. The quote is that "The Central Bank is liaising with the major domestic banks at CEO level to explore ... options that may be available for mutual...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Okay. Can you elaborate any further on the nature of those discussions? How long did they go on for? When did it start?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Were specific scenarios discussed, without naming any names?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: And were the larger institutions forthcoming in regard to that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Thank you, Chairman. Good afternoon, again, Mr. Hurley. I want to firstly start by referencing evidence that was given to the inquiry by Mr. Brian Goggin, former chief executive officer of Bank of Ireland. In the evidence that he gave when he was here, he said that, in his opinion, and it was concerning Bank of Ireland's request to the Central Bank to have the ECB collateral rules...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Specifically though, in relation to his observation, to quote again: "the Central Bank of Ireland was, for whatever reason unwilling to push the issue with the ECB". Is that your-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: But the rules were changed two weeks, approximately, after the guarantee.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Were you willing or unwilling, to use his phrase, to push the matter with the ECB?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

John Paul Phelan: Can I ask, then, were there other banks at the time, without naming them, in the Irish context that were looking for those rules to be changed?