Results 9,841-9,860 of 36,253 for speaker:Pearse Doherty

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: The banker suggested, at that time, that there would be "a type of financial war-cabinet, where bankers would have a direct line to the Minister for Finance."

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: Yes.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: I shall ask a final question but I will get a chance to comment later. Mr. McWilliams has provided the committee with extensive evidence in the form of documentaries and written material that he had written from the period 2008 which foretold the financial crisis. If it was as obvious as he has said, why was it ignored by what he called the insiders?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: Mr. McWilliams mentioned that this was obvious to anybody that was trained, which is important. I want to take Mr. McWilliams through 28 January 2008. His former employer, UBS, had issued a recommendation at that time. It issued a sell recommendation on AIB and Anglo Irish Bank as a result of mounting fears that they might suffer a rise in bad debts due to their exposure to falling...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: It is the factual note. Ian Keogh reported on 24 February that within two hours of this call being made, 34% of the value of the Irish banks was stripped away. Mr. McWilliams said that this was obvious to anyone who was trained. What information did UBS have to be able to make such a strong recommendation on AIB and Anglo Irish Bank that the Department of Finance, the Regulator, the...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: Mr. McWilliams said it was obvious to the trained eye.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: Even at this stage, could any excuses be made for those in the institutions and the Department who were trained but who did not find it obvious and did not see it?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: In an article of 25 May 2008, Mr. McWilliams wrote: The boom in Ireland was little more than a scam. Ireland was the victim of a financial coup d’etatwhereby a cabal of the banks and developers, with the blessing of the Government and cheer-led by various vested interests who were getting their grubby cut, took over our economy. Does Mr. McWilliams stand by this statement and, if...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: My specific question was how Mr. McWilliams can say definitively that the Irish Government supported this financial coup d’etatby the bankers and developers. What is the evidence to back up the statement?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: Professor Edward Kane gave evidence to this inquiry earlier in the year. He had said in a 2004 paper that, while policy making during a crisis may be of the seat-of-the-pants variety, the policy itself is informed by a political and economic struggle over who pays for the losses. What is Professor McDonough's opinion of that statement? Does he agree or disagree with his assessment of...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: What were the political and economic power blocs at play in the context of the Irish crisis?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: In an article of 2010 entitled "The Irish Crash in Global Context" Professor McDonough stated that financialisation was facilitated by the neoliberal push for deregulation. This committee has heard evidence relating to the deregulation of the banks and the impact that had on the banking crisis. Can he explain why, in his view, there was a push for deregulation? What purpose does...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: We have discussed light-touch regulation and deregulation in the past and Professor McDonough has given testimony on the subject of the amounts of money going through the IFSC. Do we have light-touch regulation of the IFSC now or is it a thing of the past?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: In the context of the IFSC, are the ingredients of the perfect storm, to which Professor McDonough referred earlier, still there or have they disappeared?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)

Pearse Doherty: Yesterday, Professor Gregory Connor came before the committee and he said: ...a misunderstanding of the big risk of systemic liquidity problems in the banking sector. That was also missed. As such, the economists share some blame. Would Professor McDonough agree or disagree with Professor Connor's statement that there was a misunderstanding of systemic liquidity problems and, if so, why...

Family Home Mortgage Settlement Arrangement Bill 2014: Second Stage [Private Members] (3 Mar 2015)

Pearse Doherty: It was very interesting to listen to the Minister and to Deputy Barry's words of wisdom to the rest of us that we need to learn for the future. His suggestion that everyone had an iron in the fire and that there is no one who did not make a mistake during the crisis period, is untrue. It is part of the narrative that we all partied but the reality is very different; many people are...

Family Home Mortgage Settlement Arrangement Bill 2014: Second Stage [Private Members] (3 Mar 2015)

Pearse Doherty: Deputy Murphy should have a bit of respect.

Family Home Mortgage Settlement Arrangement Bill 2014: Second Stage [Private Members] (3 Mar 2015)

Pearse Doherty: I did not quote him as using the word, "party". I am saying it comes from the same gene pool as the phrase, "We all partied". It seems to be touching a raw nerve because this is the reality of what he said, the suggestion that we all partied. Indeed, the Minister of State's party leader made those comments when he was in green fields in Davos-----

Family Home Mortgage Settlement Arrangement Bill 2014: Second Stage [Private Members] (3 Mar 2015)

Pearse Doherty: The Minister of State should not try to lecture me from the Government benches. Deputy Barry wanted to lecture the rest of us. He said we have to be careful in terms of the long-term consequences because of the misery that this could cause. What about the misery that people are enduring at the moment? I refer to the misery that tens of thousands of families are enduring. They are...

Family Home Mortgage Settlement Arrangement Bill 2014: Second Stage [Private Members] (3 Mar 2015)

Pearse Doherty: Deputy Barry suggested this should not happen. Does he not understand what he was talking about when he referred to the Personal Insolvency Act? What does he think happens in these arrangements put forward by the personal insolvency practitioners, PIPs? Does he think that no debt is written down as part of these arrangements? Does he think that no debts are written down in cases of...