Results 9,201-9,220 of 26,053 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Kieran O'Donnell: -----would it not have made a lot more sense for the regulator be setting the stress tests for the banks for which they were inspecting, rather than the Central Bank, who was not inspecting the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Kieran O'Donnell: Right. Secondly, is it fair to say that based on the fact with the principles-based regulation put the Financial Regulator third down the line of protection, that, and the fact that the board of the Financial Regulator had no-one with financial regulatory expertise, so you couldn't actually oversee the quality of work being done by the executive? That in substance, legally, the Financial...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Kieran O'Donnell: So what would you say?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Kieran O'Donnell: But in essence, the Financial Regulator was not doing anything to assess the risks the banks were taking in respect of loans?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Kieran O'Donnell: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: Thanks, Chairman. Mr. Considine-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: Q02300 type: 1 --> Apologies.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: I'm trying my best, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: Yes. Thank you. Mr. Considine, during your tenure as Secretary General, what was the role of the Department of Finance in overseeing the Financial Regulator and was that ... was this role restricted to legislative issues related to the implementation of the new regulatory system or did it expand beyond this? I suppose, in simple terms, what was the role and, for instance, what was your...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: Who was preparing that strategy statement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: What role did you have in terms of the overseeing of financial regulation apart from ensuring that these statements were completed? Did you have a role in terms of an analysis of these statements? Did you have a role in terms of overseeing how the IFSC was functioning?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: And when you say there was never an issue in terms of extra staff being refused, who would that request have come from to the Department? Would it come from the CEO of the Financial Regulator or the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: So any questions that have come up ... and we've had various witnesses in before us ... there was an issue in terms of extra staff being forthcoming in the Financial Regulator, that it was purely an internal issue for the Financial Regulator. If a request ever came to the Department, you approved that request?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: Can I just go back on a quick note. You were Secretary General of the Department of Finance for four budgets, the '03 budget, which was in December '02; the '04 budget, December '03; the '05 budget, December '04; and then the '06 budget in December '05. Am I correct in that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: Okay. Over that period, how many Ministers did you deal with?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: And which ... can you tell me which Ministers would have been dealing with which budget?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: '03 and '04.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: He became Minister on 29 September, correct. And then in '06? That's Mr. Cowen.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: And there appears to have been a marked shift, '03 and '04, there was ... there were ... there were reductions in the spending in both budgets of €900 million for December budget '03 and €500 million for budget 2004. And we find in '05, suddenly almost overnight that you had an increase in expenditure of €1 billion in '05, and '06 you had an increase...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Kieran O'Donnell: The growth, the GDP was going up, I mean it was increasing in '03 and '04, '05 and '06.