Results 4,081-4,100 of 7,082 for speaker:John Paul Phelan

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

John Paul Phelan: Yes.

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

John Paul Phelan: Okay. Thank you.

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

John Paul Phelan: That's been asked.

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

John Paul Phelan: Thank you, Chairman, you beat me to it. Can I welcome Dr. Somers. A few things that have come up from other questions that I just wanted to ask you. Actually, initially, it's been covered on and off in the media for many years that the NTMA had a somewhat, at times perhaps, uneasy relationship with the Department of Finance and with, maybe, other agencies like the Central Bank. Was that...

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

John Paul Phelan: I'm not trying to cut you short, but my-----

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

John Paul Phelan: -----my ... I'm ... nearly half of my time is gone. I could listen to that all day, but I just want to put it to you: did that continue, you know, did that change when you ... by the time you left in 2009, had those relationships improved? Or was there still a lingering issue?

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

John Paul Phelan: Yes?

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

John Paul Phelan: Okay. Can I ask just briefly ... you spoke about the cost, you yourself inquired as to the cost of insuring the €40 million deposit in Anglo. Can you remember what it was, and really, for comparative terms, how much you would have expected it to be and what the difference was?

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

John Paul Phelan: Okay. And what would you have expected?

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

John Paul Phelan: Okay. You were offering ... the legal advice which you referenced earlier you are going to be providing, I think ... did you say that to the-----

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

John Paul Phelan: I just, well, I was asking ... I was going to ask who provided the legal advice?

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

John Paul Phelan: Okay, that's fair enough. And I think there's going be some tick tacking as to whether we can have it, okay. I want to ask, in relation to your opening statement, you said in it that you, and I'm quoting directly, you became "somewhat perplexed at the very rapid growth in credit and on one occasion spent some time going through the Central Bank statistics to try to understand it". Can you...

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

John Paul Phelan: I'm not trying to cut you short but I have a few more that I just want to get to. But, in terms of that concern, did you ... or, was there any vehicle for you to raise that concern?

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

John Paul Phelan: Okay. Thanks for your candid answer. Again, you said something similar in your statement about the levels of house building and construction and that they were unsustainable by any measure. Again, did you have an opportunity or any mechanism for raising those concerns?

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

John Paul Phelan: Just a little rewind. Which Secretary General did you raise the concern on credit?

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

John Paul Phelan: Okay, thank you. And finally, can you advise the NTMA investment mandate that was held, and what the NTMA were authorised to invest in? This is a very general question now that I've been given ... I suppose, what they were authorised to invest in by amount, country, currency, tenor, asset, product and counter-party rating. Now, I would suspect it's one of the prepared ones-----

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

John Paul Phelan: No, I suppose in general. That's actually a general ... it's a general question.

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

John Paul Phelan: And the pension fund mentioned, was-----

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

John Paul Phelan: One little brief supplementary, following on from Deputy McGrath's question earlier on about our exchange in the Royal Hospital and the €60 billion that you were sent to find.

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

John Paul Phelan: I was under the impression that the establishment of NAMA was of the order of half that €32 billion in NAMA bonds as collateral. Where does the €60 billion? I am just trying to get that figure.