Results 3,721-3,740 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: I've run out of time but Ireland should emulate Switzerland I think is what you're recommending then, would that be right?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Thank you, Chairman, and thanks Mr. Drury.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Thank you and welcome to our two visitors. Mr. Aynsley, first, if I may, you say on page 16 "When I arrived in Ireland in September 2009 there was still little appreciation of the scale of damage done by the pre nationalisation Bank Management". And could you describe the prevailing culture you encountered on your arrival in Anglo in September '09?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Yes, because it was going on for about a year at least at this stage. So it's-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Some of the witnesses - and one has to say on the borrowing side - presented an image of a most meticulous bank with all sorts of detailed document, much more rigorous and difficult to borrow from than any other bank they'd ever experienced. Did you find that from the inside when you went there in September '09?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Thank you and if I might turn to your colleague, Mr. Dukes. Did Anglo-IBRC ever receive a direction from the regulator as a result of non-compliance with the terms of the Credit Institutions (Financial Support) Scheme 2008 to conduct its business so as to reduce the risk to the Exchequer under the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Now, on your page 9, you say on regulation, "My personal view is that simple, clear and even brutal rules with a minimum of exceptions are to be preferred to complex, detailed rules with numerous exceptions." Could you describe for us the Alan Dukes model of simple, clear, brutal bank regulation and what would be in it, because we will have to address that, obviously, as we come to the end...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Thank you. And, Mr. Aynsley, Canada has been referred to a lot at this committee. I think Australia and Singapore would also be places, which ... where bank regulation is admired. Could you give us a brief synopsis of what we might look towards from Australia?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: He has come a long way.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Mr. Aynsley-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: I mean, what would Australia have done to prevent the situation you walked into on September '09?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Thank you very much, both. Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: Thank you, Chairman, and welcome again to Mr. Fingleton. On the internal audits, if I may discuss that with you ... in their 2005 report, KPMG stated: The existing internal audit function is not best practice. ... In particular it lacks the depth of experience necessary to challenge ... areas of key risk which includes Treasury and Commercial Lending. And in their management letter in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: Could I put on the record-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: Now, I have to put on the record as well that they also said, Mr. Fingleton, "Certain members of the [internal audit] team lack[ed] credibility with management." This is not surprising, given that "Only one member of the [internal audit] team has a recognised [internal audit] qualification" and that the internal auditor did not attend crucial committee meetings, including the credit,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: What about the qualifications issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: Well, how did they find only one member of the internal audit team had a recognised internal audit qualification?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: Could I refer to Vol. 1, at page 43, the letter from the Financial Regulator, dated 8 February. Now, you just said, I think, to Deputy-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: 8 February 2008-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: Page 43, indeed. Thank you Chairman-----