Results 10,901-10,920 of 36,274 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: With respect, Mr. Hurley, this is a memorandum of understanding with the Financial Regulator and the Governor and the board of the Central Bank. This is after the legislation took place and this is how the division of labour was supposed to operate, which allowed you this power in terms of micro-prudential analysis of the health of the financial system.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Can I ask you how involved were your engagements with the financial institutions in terms of communicating the Central Bank's opinion regarding the financial stability issues and, if not directly involved, what directions, if any, did you give to others in the Central Bank or Financial Regulator on these engagements?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Okay. Mr. Hurley, I would like to refer to the 2004 board discussions, which have been summarised for the committee in the booklet of core documents. It's in Vol. 1, page 106. This is in relation to a discussion on the 2004 financial stability report and the summary as given reads, "a collapse in property prices would not only affect the quality of security for bank loans, it would also...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Yes. So, it wasn't a real risk, but you were acknowledging in 2004 that the property loan book could cause a systemic risk to the banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Okay. Mr. Hurley, I'd like to refer to the summary of the 2004 minutes in the Irish Financial Services Regulatory Authority, which are in Vol. 3, page 25 - I will quote it anyway - which has been presented to the committee in core booklets.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: It is Vol. 3, page 25. The summary reads as follows, The Authority noted than an inspection ongoing at bank A focused on the rate of growth of the loan book and large exposures. An inspection ongoing at bank B focused on the commercial property exposure. The question I have, Mr. Hurley, is would the Financial Regulator's office have shared this type of information with the Central Bank,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Vol. 3, page 25. It's a quote from a summary of the 2004-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: It's basically an inspection that was carried out by the Financial Regulator in two banks, one in relation to the rate of growth of loan book and large exposures, the other one on bank B focused on commercial property exposures. Would you have been aware of those inspections?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Okay. Would you have been aware or not of the review of the commercial property lending activities of the Irish domestic banks that was undertaken by the Financial Regulator's office in late 2007 and early 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Was the Central Bank aware or not of the links between wholesale funding and the commercial and residential property development in the Irish domestic banking system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Can I ask you, from the Northern Rock crisis in September 2007 to the collapse of Lehman Brothers one year later, did you ever engage directly with the CEOs of Irish financial institutions either through letter or by phone? I'm not asking you to name them, but did you ever directly engage with the CEOs of the financial institutions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Okay. So, the question I have is, is the only engagement the meetings, or would there have been personal contacts between you and the CEOs of financial institutions during the year?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Mr. Hurley, in relation to ECB monetary operations and wholesale markets for funding, if we have a situation where a financial institution had no access to ECB monetary operations and had not been accessing wholesale markets, would that be an issue of concern to the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: No, if a financial institution had no access to ECB monetary operations and hadn't been able to access wholesale markets, would that be-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Would that be a stability issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Would it have been brought to the attention of the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Mr. Hurley, from the evidence before me, and I am led to believe that this evidence, a copy of this document, has been submitted to you and your legal team in electronic format, it appears that in the first quarter of 2008 there was an individual institution that had no access to ECB monetary operations, had not been accessing the wholesale markets for funding in recent months and was relying...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: I believe it was communicated last week or early ... it was communicated last week. It was an individual document that was presented to you, Mr. Hurley. We outlined that we were going to rely on this for questioning to the secretariat.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Whether you've seen the document or not is ... it's obviously important in terms of fair procedures but if I could say to you ... and if you would want to suspend this 'til after the break, that's fine. I can come back then.