Results 8,801-8,820 of 26,050 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Kieran O'Donnell: Mr. Fitzgerald, you're at the coalface, you're the guy on the ground doing it in your daily chores, do you believe it would have made a difference if ISA 39 wasn't implemented from '05 on?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: Thanks, Chairman. Mr. Hurley, did you judge the IMF country reports and the OECD reports as an important information instrument to weighting banking regulation, banking supervision and financial stability issues ... and how big of an influence were they on you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: Okay. And how much were they an influence on you in your financial stability reports?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: Can I refer you back to the questioning earlier this morning on the letter of the ... that you have, of 7 March from the Financial Regulator ... in connection with ... to an institution, okay ... in connection with liquidity risk? And it speaks about ... that the particular institution "has no access to ECB monetary operations, has not been accessing the wholesale markets for funding in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: The basis really is that I asked you a question at the time about the liquidity situation at the banks. I said that the liquidity situation in the banks had actually fallen in terms of their access to ECB funding. You said:Our understanding of the liquidity situation in terms of the Irish financial institutions is that there has not been a reduction in the overall level of lending being...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: Following on from that, on 9 July there is an e-mail, on page 212 of Vol. 1, in which you make reference ... it's an e-mail from the Central Bank to, I think, the Department of Finance where you wish to speak about the special resolution regime and you said, "Irish banks also have full access to the funding facilities of the ECB, which accepts a much broader range of collateral than many...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: But in your actual presentation to us today, on page 8, you say:The assessment of liquidity risk was a function of the Financial Regulator. When the liquidity crisis struck the Central Bank became involved because of its own responsibilities in relation to European Central Bank liquidity. When did you become involved?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: The question I really have in the limited time, Mr. Hurley, is that in your role as Governor of the Irish Central Bank and, more particularly, you were a member of the governing council of the ECB, you would have had direct involvement in discussions on overall ECB policy on liquidity. The question is, would you have expected that something of this significance, where one financial...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: So it was not brought to your attention.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: You made a reference in your opening statement. You said, "with hindsight, we were wrong." If you were back there again with the financial stability reports and as Governor of the Irish Central Bank, what would you have done differently, if anything?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: What about the increase in the concentration of property lending? You've omitted that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: But is it not fair to say, Mr. Hurley, that both the OECD and the IMF were saying the sustainable level of housing numbers was 45,000? Looking with hindsight now, were enough indicators there for you, as Governor of the Central Bank and the author of the financial stability report, to say that we need remedial measures and that we are potentially going into a crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: With due respect, Mr. Hurley, in 2006, 93,000 housing units were built.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: Why didn't you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: Are you saying then, Mr. Hurley, you wouldn't have done anything different?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: Can I finish on this point?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: You also said in 2006 that while the central expectations remain, the current shock-absorption capacity of the bank leaves it well placed to withstand pressures from possible adverse economic and sectoral developments.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: In hindsight, was that wrong?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: In hindsight, was that wrong?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Kieran O'Donnell: Thank you, Chairman. Mr. Hurley, you were out sick for two months from the 19 July to 15 September. Who covered in your absence? Who was acting in your place at that time?