Results 8,941-8,960 of 26,050 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And do you feel-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And had ... during the crisis, had a situation developed where it was the seventh floor executives and the supervision staff, that it had developed into a them-and-us-type situation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And the qualifications of staff that were working on the banks ... I mean, when you took over, you had three executives looking after one and a half, Bank of Ireland and Anglo. You had three executives looking after AIB, divided one and a half each.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: What were the qualifications of these people?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: So typically what level they were at? What level-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: This is a critical point, Chairman. What level were they at in terms of experience? The question really, I suppose, I'm getting at is ... you were dealing with institutions like large institutions that had enormous internal audit set-ups, enormous regularity set-ups and was it David versus Goliath in terms of the supervision going out to effectively regulate and supervise the banks from...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Thanks, Chairman. Welcome, Mr. Horan. Do you feel that the level of European macroeconomic and prudential supervision was adequate in the years between '03 and '07?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Just on a quick note - on the night of the guarantee were you in any way consulted by your superiors?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: So you weren't consulted as such-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Can I just quickly - the stress-testing regime that was in operation, do you believe or not that the stress testing, proper stress testing, fell between two stools in terms of the regulator was in charge of in terms of mortgage, we'll say, stress testing, and, we'll say, the Central Bank took over stress testing from 2006 on. So did that process make for good stress testing? Did it...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: But wasn't there a changeover in 2006?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: We were told by Mary Burke when she was in that the stress testing up to 2006 was carried out by the Financial Regulator and that the Central Bank stepped in and, under questioning from my colleague, Deputy Phelan, she did agree that, in terms of stress testing of the banks in terms of mortgage lending - residential mortgage lending we'll say - that the supervision department in the regulator...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: I'm talking about ... the main one I want is prudential stress testing of the balance sheets of the banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: And prior to 2004?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Okay. Can I ... did you in your role as director of prudential, were you on the seventh floor of the building in Dame Street at that time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Your colleague, Mary Burke, in her witness statement spoke about the disconnect between the seventh floor and the staff and she said that in a lot of cases that senior banking executives had director contact with senior executives without the knowledge of the supervisory staff. And she said that she tried to rectify that in October '06 but she said it had little or ... it was at it's most it...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: I suppose the point I'm making is, is that she stated that it led to undermining the work of the supervision department and more particularly the banks took advantage of it in terms of regulation.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Kieran O'Donnell: Well, I'm trying to be in the time limit.