Results 9,441-9,460 of 36,189 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: -----the banking model was unsustainable. Did Professor Honohan raise any concerns about those matters with the Minister?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: Maybe both of you should have talked about banking but I shall move on. What was the first large bank in the State to get into trouble?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: Was it DEPFA Bank?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: We do not know the cost of rescuing the DEPFA Bank but it has not been borne by the Irish taxpayer. However, DEPFA Bank was an Irish regulated bank. Is that correct?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: The difficulties which DEPFA Bank got into would have occurred during the period up to 2007. Is that correct?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: I know the Bundestag carried out its own investigation.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: There are views that the opposite was the case - that DEPFA took out Hypo.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: The professor is entitled to his view. One of the things that the banking inquiry is looking at, which is the nexus, is the relationships between the State, between banks and between being regulatory, development and so on. The reason I asked about DEPFA is that on the weekend of the decision of the guarantee Professor Honohan has said that the minds of the authorities were concentrated...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: Professor Honohan has picked me up wrong. I never said that Mr. O'Connell was director at the time when DEPFA went bust.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: He was director up to 2007 until Hypo Real Estate bought DEPFA out. As Professor Honohan has acknowledged, the damage was done in the period leading up to 2007. My point was about the relationship. For example, it has been reported extensively that DEPFA Bank - the German bank at that time - in 2001 lobbied the Government in terms of the Asset Covered Securities Act which was introduced...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: The bank then reconstituted itself as an Irish bank as the Act was passed. It was the first to involve itself in that type of issuance.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: It was followed by the Bank of Ireland and the Anglo Irish Bank. That move allowed for cheap credit to enter the market and allowed triple-A banking in banks that were not triple-A rated. My question is on that nexus. I refer to the relationship where somebody is a director of a bank but was one of the most senior people in the Department of Finance, was the Governor of the Central Bank,...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: Does Professor Honohan believe it was the Government's view there should be a non-intrusive environment in terms of regulation in the IFSC?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: I asked about the Government's policy. Does Professor Honohan believe that it was Government policy to have a non-intrusive environment in terms of the IFSC and its promotion?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: Professor, on page 109 of your report you write that "A non-intrusive regulatory environment conducive to promoting the IFSC was considered important by Government". How do you make that-----
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: It is not, with respect Professor Honohan, about catching you out. I am asking why because in your report there seem to be contradictions.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: The question is this and maybe Professor Honohan could clarify-----
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: Which is the accurate version? Was it Government policy to have a non-intrusive regulatory environment? This is important. It is mentioned in your report and in other reports that the regulation that was applied to the IFSC had to be applied to other banks. So, for example, as I mentioned, the DEPFA Bill as it is colloquially called, or the Asset Covered Securities Act, which was amended...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: The last point I want to make is about moral suasion. You mention on page 97 of your report that the Financial Regulator had access to increasing capital requirements and moral suasion. I would like you to talk to us about what you mean by moral suasion. What do you mean in regard to appealing to the morality of Irish banks? I want you to answer that in the context of what we know...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Pearse Doherty: One of the elements missing, apart from increasing capital requirements and applying moral suasion, which was not working, is credit controls. The Chairman mentioned this earlier. Applying the credit control rules - which you acknowledge existed but which were completely avoided - would have had a major impact in terms of commercial property lending and house lending. Why was that not...