Results 4,281-4,300 of 7,082 for speaker:John Paul Phelan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: They should have been paying the premium. Yes, okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: And did you raise that? Did you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: But you're saying there was a discussion but perhaps not as in-depth as there-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay, okay. I want to reference your opening statement. I think it's the seventh page but it's numbered as No. 9. The first paragraph ... the bottom of the first paragraph where you say, and I quote, "All understood the necessity for EBS to expand it's business and improve profitability. I would go as far to say we were encouraged to expand and become more commercial." In fact, at the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay, that's fair enough. I want refer to core document 2 ... Vol. 2, sorry, page 37, which is a letter from the Financial Regulator to Mr. Murphy, managing director, on 3 March 2008. It should be up on the screen, I'd say, momentarily. It says "Copy to Emer, Brian, Fidelma, Alan [who, I presume, is yourself] [and] Grant." It's a result of an inspection process. There's an interesting...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: "Overall indebtedness was assessed on the basis of an uncertified Net Worth Statement. The inspectors would question whether reliance should be placed on such a statement." Over the page, page 44, second box, point No. 3, "The purpose of the €4m loan changed after approval - it is not clear to inspectors how the €3m funds advanced will be utilised (€1m being used to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Yes. I don't think anyone ... I'm not here to disagree, I don't particularly disagree with anything that you said, but my-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: -----my point still remains. I mean, this investigation by the regulator which was, as you said, kind of, standard practice, highlighted a number of fairly startling and-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: -----omissions by the EBS.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Thank you, Chairman. And good afternoon, Ms Harney and Mr. Gormley. I'd ask you to be as brief as you can, we only have 15 ... or I only have 15 minutes. Maybe to start with Ms Harney first in relation to the last point you made with regard to regulation. Outside of the issue of resources, which you referenced, you've detailed how you had a role in the establishment of the new regulatory...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay. Can I ask in relation to the greenfield site issue: it would have been covered, I suppose, in media speculation at the time, that some of the ... maybe Fianna Fáil members of the Government would have favoured retaining regulation more centrally within the Central Bank, whereas the Progressive Democrats members of Government might have been more identified with the greenfield...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay, that's fair enough. Can I ask you then in relation to the discovery, and you mentioned the reports, and we've had evidence here from witnesses of two to three people who were directly regulating, on a micro level, different institutions. How did that situation ... how was it allowed to come about? How, in light of the fact that you said you had reservations, that you had only an...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: Okay. You referenced Mr. Patterson in your comments there as well. Did you see his evidence to the inquiry?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
John Paul Phelan: I want to quote a quote which has got a lot of coverage maybe in subsequent questioning of other witnesses, from him, from his evidence on the day he was here. I'll quote him directly. He said, "None of the authority - the board - had any experience in regulation [regulating banks]." You would have had some input, I'm sure, into the nominees onto the board of the new regulatory authority....