Results 5,541-5,560 of 34,779 for speaker:Seán Fleming

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: I know it is late but it is as well to tease this out. Mr. Carrigan might think I am asking layman's questions but I am deliberately putting them in that way because the people of Ireland need to know about this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: If Mr. Carrigan is saying the €78 billion is a net figure on the basis of the bail-in, junior bondholders taking hits and so on, what was the gross cost of the banking failures over those years, assuming new measures that were not in place were in place, to arrive at the €78 billion? What figure did Mr. Carrigan start at to come to that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: Broadly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: That sounds to me as if an arrangement has been put in place to prevent what went wrong the last time from happening again. Inevitably, the next crisis, if there is to be one, will be different and will not be a recurrence of what happened the last time. It is like a house that went on fire for which one puts in place a system to prevent what happened the last time from happening again but...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: It can borrow.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: Who will provide the backstop?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: Do not mind the detail; what institution will provide the backstop?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: We are not there yet. If it is decided that an institution is to go into resolution, will it be somewhat like what happened here when KPMG was called in? Who physically will manage the resolution? Will it be one of the big four accounting firms? Mr. Carrigan should talk me through this process. I have read the sentence that should a national resolution authority not comply with the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: But I still do not know who will do the work of carrying out the resolution.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: Will it be hiring? That is like telling me that when the IBRC was liquidated, it was done by the Government. That is not the case, as the job was contracted out to somebody.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: Yes, it must have the authority to hire staff. However, it will not have staff in place because I hope they never will be needed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: That is a little like telling me that when it was decided to put the IBRC into liquidation, the supervisory authority knew some guy. The Central Bank is not involved in managing that process. Who physically will carry out the liquidation to which I am referring?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: There will be 240 people.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: The authority would not have the staff to carry out the resolution of a bank; 240 people would not cover it because they would also have their day job to do. My point is that it will be necessary to contract the work out to someone.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: Yes, in the authority, but they will not be-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: I hope they will never have any work to do. Mr. Carrigan is suggesting they are somewhat like the fire brigade.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: In a case in which it is deemed that a bank must be part of a resolution, what call will the resolution board have on the auditors who signed the most recent financial statements? A question arose in Ireland as to the reason the auditors had not spotted it. Mr. Carrigan should talk me through this process. We cannot have some of the big global accounting firms issuing audit certificates...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: If it is not to be included in the directive, no legislative provision will be made for it. From where will the legislative provision come on this subject? This is a matter on which the Government and its officials in the Department of Finance are working with the other governments. Forgive me if I am wrong, but one reason the delegates have come before the national Parliament is to get...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: Members are aware that there is legislation to deal with these issues. However, I note that no auditor has as yet been held liable for some of the banking failures here. My point is that there have been banking failures in Europe where everyone agrees that a new resolution mechanism is needed to have in place a fund, funded by the industry, in order that taxpayers will not be caught next...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)

Seán Fleming: Good.