Results 4,381-4,400 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Yes, 23 June 2013. It cited a report compiled by KPMG into Irish Nationwide where it said that 15% of all residential mortgages issued in 2006, which amounted to €111 million, were to just 39 clients who borrowed on average €2.8 million each for the 39 of them. How was that situation allowed to happen? Was that not an over-concentration of the risk from the point of view of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Can I ask-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Would many of those 39, from your recollection, those 39 loans of an average of €2.9 million each, have been initiated through you personally, do you have any recollection?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: You refer to it as a myth yourself, Mr. Fingleton, but it was a widely held view. I used to work in financial services before I became a public representative and a view did exist that you were Irish Nationwide Building Society and that you, more than perhaps any other financial institution operating in the Irish market, had, and I think you indicated this in your opening comments to Deputy...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: -----a particular knowledge of individual loans and exposures that existed. Is that not the case? Is it not borne out by several of the letters from the regulator, in particular, which showed a concentration of power, if you like, in your office?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Okay, but did that not also stem then from the fact - Deputy O'Donnell asked earlier about the fact - that your board was smaller that virtually every other institution?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Can I ask, then, in relation to the document I referenced earlier, Vol. 1, page 3, the letter from the regulator from 9 December 2004, first paragraph, "High-level concerns"? You spoke earlier on that there weren't many high-level concerns but this was one on the issue of corporate governance, where it says: "As you are aware", it was addressed to you: "Dear Michael", the Financial Regulator-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: And it would have been addressed to-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Yes, Michael Walsh actually.: As you are aware [I'm sure you were aware of the document] has on many occasions expressed its concerns with regard to the level of resources at senior [executive level] ... management level within INBS. In particular, the regulator stressed the need for increase in size of the board, a strengthening of the executive management team. The latter point was to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: On an issue ... on the issue of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: -----over-reliance on you and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: -----on succession planning-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: -----for your position.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Was it dealt with?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Was it dealt with?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: How?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: So, in other words - this is my final point, Chairman - this "high-level concern" in relation to over-reliance on you and succession planning for your position, you didn't ... you ... because of the fact that you were being sold, you feel that that's the reason why it wasn't addressed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Okay. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Mary Burke.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Thank you, Chairman. Good afternoon, Dr. Walsh. I have a long initial question. I would ask you to bear with me, maybe. It concerns a number of quotations from the booklets that you would have been provided with. The first one is from Vol. 2, page 93, the KPMG report on review of the effectiveness of the internal audit function, "The existing internal audit function is not best practice...