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Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: The industry paid half the cost of this prudential regulation, isn't that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Was there push back in the industry again the, kind of, stronger regulation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: You mentioned the ESRI as one of the sources. Did the banks or your federation ever approach the ESRI when they had reports on the Irish economy?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: You mentioned Kenmare. I think it's fair to say that the bank economists hardly distinguished themselves in their reaction to Professor Morgan Kelly.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Indeed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: But those are the bank economists you mentioned. I mean-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: The ESRI dropped the articles by independent economists after the Morgan Kelly articles were published; they were dropped from the quarterly economic review. Did banks make any representation in your knowledge to have that series of articles dropped?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: You did shut down the Irish Banking Review, where ... it was a forum where economists and bankers used to meet.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: So you didn't have a problem with contrarian views in that journal?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Or at the ESRI?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: All right ... thank you, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Thanks very much, and welcome, Mr. McCarthy, at this late hour. Did you send any reply to that request directly to the centre?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Yes. And did you know what the cost would have been had you accepted it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Thank you very much. Yes-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Thank you very much. Could I look at Vol. 2 of your own book, Mr. McCarthy, on page 89? What it refers to, Chairman, is a reply to Mr. Trichet in two lines, "I wish to acknowledge receipt of your letter and enclosure of 16 October [2008] which will be brought to the Taoiseach's attention as soon as possible." And the date of that non-response, if you like, or just acknowledgement, is 30...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Sean Barrett: So he did have a reply, reasonably approximate to 16 October.

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