Results 3,481-3,500 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay. Did ... in evidence last week with Mr. Hurley, reference was made to the memorandum of understanding between the Central Bank and the Financial Regulator in terms of responsibilities, and it emerged that responsibility for overall financial stability rested with the Central Bank. In that capacity were there any decisions taken or discussions had in the year, we'll say, the 12-month...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay, again, my time is slightly limited. I'm really trying to find out were there any specific decisions that were taken in that period, which would fit into the realm of overall financial stability, in light of the provision that existed in that memorandum?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay. Can I refer then specifically to that period? I think in answer to a question from the Chairman at the start of the meeting you said that "We had been tracking very carefully ... for more than one year" the liquidity position of all banks.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: When you say "we" I assume you mean the Central Bank. Who, whom within the Cental Bank was doing that tracking? How many people; what were their levels; and were they specifically dedicated to that task for the 12-month period in question?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: In operation.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: How many people were in that section, can you remember? Do you know?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay, and in terms of those ten to 12 people then who were specifically looking at this area of tracking liquidity, did any reservations emerge, or any information come to light in the course of that 12-month period that indicated that it was more than a liquidity issue that faced the Irish banks in the fall of 2008?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Why not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: But there was no stage that alarm bells rang that it was more than a liquidity-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: -----issue?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Do you view that now as a failing, with hindsight? Or how do you explain that subsequent to September 2008, in the early part of 2009 major cash injections had to be provided for all of the domestic banks to varying levels?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Do you accept with hindsight or not that that was a substantial failing of the operation of the Central Bank at the time, and particularly with its overall responsibility for financial stability?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: But you don't accept any responsibility-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: -----for the subsequent developments?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Can I ask you briefly then what are your views with regard to the changes in the regulatory structure following on from the Central Bank Reform Act in 2010? And do you believe that the new structure will help-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: -----to prevent such a similar crisis happening in the future?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: My final question: in evidence last Thursday Mr. Hurley said the following: "In fact, in the course of the crisis, because we had a smaller banking system, and because we had developed very close links with the banks, particularly in the type of meetings I referred to earlier ... my assessment is we had far more information than some of the larger countries where the logistics were much more...