Results 4,441-4,460 of 7,082 for speaker:John Paul Phelan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: And the bankers' federation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Yes, you mentioned them ... referenced them in-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Okay. So, really, your statement here ... outside of the 100% mortgage issue, is you looking back with hindsight and saying that prudential ... there was a lack of resources in the prudential end but you didn't, outside of the 100% mortgage area, raise any of those concerns?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Okay, well, I just wanted to clarify that. That's fair enough. I want to then turn to page 8 of your statement where you say----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Yes. Basically, the soft landing, which you referenced yourself. You spoke about the consensus that existed domestically and internationally. Was-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: It's under the heading "A. Mortgage Quality", on page 8 of your long ... your original statement to the inquiry.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: There's a diagram in the middle and it's in the paragraph underneath: "[T]he strong consensus of economic commentary both domestically and internationally was that despite the rapid expansion of both credit and house prices, the economy was fundamentally sound", the "soft landing scenario" is how you termed it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Were you and your institution doing any analysis of what the likely outturn for the Irish property market and, indeed, the economy was going to be?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Would it be fair to say then that you bought into the soft landing scenario - as an institution, not you yourself personally - but Permanent TSB and Irish Life were part of the consensus?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Now I want to turn to an item that I found online - press release from Permanent TSB on 20 September 2002:Permanent TSB launches country's first cheque book-based mortgage account. New facility breaks down the barriers between mortgage lending and other personal loans. Permanent TSB, the country's largest mortgage provider, has announced the launch of the first cheque book-based mortgage...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: I have it here: "One Plan works by giving customers pre-approval to borrow up to 75% of the value of their homes". 75% wouldn't be characterised as a low loan.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: That's ... I don't think anybody would argue with that. I think-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Well, the basic premise ... that was the last item listed. The first item was a holiday, the second was consumer goods. You know, there was a lot of things included there which, I think, people now looking back on would think were not suitable for that type of product, if you know what I mean, not ... whatever about extensions.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Okay. Again, I want to change to the issue of remuneration and, I think, on page 5 of your statement you said: "I do not believe that the remuneration arrangements led to a culture of excessive risk taking given the checks and balances with the overall credit approval system." So, were bonuses - I maybe misunderstood your statement - were bonuses paid on the basis of profits made through...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Okay, but they would-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Yes, at lower levels.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: They weren't linked to profitability in the sense that, you know, if a mortgage is sold, which is a 30-year mortgage, there was no sense of clawback on a bonus that it wouldn't be realised in full or it could be clawed back if the product or the loan proved, ultimately, to be profitable?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Okay. Finally, your strategy as a group was to focus on the domestic Irish mortgage market which you were ... and, I don't know, perhaps, still are one of the, you know, the largest lender. Was there ever any effort during your time as chief executive to diversify? You mentioned, I think, in your statement again that you felt you didn't have the necessary skill set to be looking to SMEs...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: So you decided to focus on what you thought was your-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Thank you.