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Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: I can give it to you if you want to remember it. I mean, wasn’t that ... something happened in Irish banking ... look to the wider one, and from your experience in Ulster Bank it was a ... you know, a conservative pillar of society and people like Colm McCarthy have raised this point and perhaps you might assist us. What happened to Irish banking? It was conservative, it lent...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: Yes. And we can’t find a jury, in the opinion of the Judiciary, which will give a banker a fair trial. Why is ... why has Irish banking, you know, incurred the €64 billion and why has it fallen so much? What might you have done, from your experience in Ulster Bank, to ... to bring it to the situation where we didn’t have these bubbles and crises?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: I am trying to get at that ... that banking is ... its changes in policies have brought this country to an impasse where we had to go to the IMF.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: You said in that speech that you referred to, "There can be no place in banking or financial services for people with low standards of ethics."

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: Were you concerned at that time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: Well, I mean, what would you ... do you think we should go back to the first way then, to have solvent banks which would have a standing-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: -----in society compared to what's happening now.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: Why do you think auditors missed so much in auditing Irish banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Sean Barrett: Thanks. My time’s up, Chairman. I just want to reassure Mr. Went, I like the banks the way they used to be. If you’ve any influence, please-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: Thank you very much, Chairman, and welcome to Mr. O'Connor and Mr. Walsh. I echo the Chairman's earlier welcome to you. In your statement, you state that PwC's role in many of these meetings was to obtain, analyse and summarise information from the banks. What was the response to PwC on liquidity, loan exposure and provision of assessments to ... from the other participants on the 28...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: And how did they react, Mr. O'Connor, when you informed them of your opinion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: Because you only had - what nine days, wasn't it - to come up with all that information? I think you said the first meeting was on 19 September and you ... and you reported back to them on the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: -----on the 28th.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: And, I mean, we would've had in earlier evidence concerns about the St. Patrick’s Day massacre and, you know, knowledge about the CFD purchases and so on, so I’m really trying to find, you know, did they need you to confirm what they already knew or were they surprised when you submitted your report?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: Was there a sense of urgency?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: They were really worried by that state.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: And, were there views expressed by IFSRA that you can recall from those meetings?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: Yes. The Department of Finance, what contribution did they make to those meetings?

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