Results 10,921-10,940 of 36,274 for speaker:Pearse Doherty

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: But, as I've said, from the evidence before me, from the document that I have seen, there was a financial institution in the first quarter of 2008 that had no access to ECB monetary operations, that had no access for a number of months to wholesale markets and were relying solely ... and were relying on retail and corporate deposit initiatives for liquidity. Would you be familiar with ......

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Can I suggest that given the ... just the short amount of time ... could we take that break now at this point and we can then conclude the questioning?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: I think it should be taken as soon as we come back so we can flow the ... the discussion can flow from there then.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Mr. Hurley, you've seen the letter that we circulated to your legal team last week. The letter from the Office of the Financial Regulator is clear that 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 were relying on retail and corporate deposits initiatives for liquidity. Can you...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Mr. Hurley, in answer to a previous question, when I asked you if there was a financial institution in a situation like this, when I asked you would this be a financial stability issue, you answered that it would and that you would expect this to be brought to your attention. Would you concur with the ... with what you see in the letter from the office of the regulator, that this does lead,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Okay. Can I ask you, because you've said it may be a financial stability issue, how could a financial institution that doesn't have access to ECB monetary financing, doesn't have access to the wholesale markets, and hadn't for a number of months, and were solely relying on deposits, not be a financial stability issue?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Would you be surprised, or not, that the Office of the Financial Regulator did not bring this to your attention, if they didn't bring it to your attention?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: But you said you're sure that it was brought to your attention at a different level?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Yes. You're just after saying ... You said, "I was sure", so you want to qualify that to say, "I may ... It may have been brought to my attention".

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: You don't believe it was brought to your ... Should've it been brought to your attention?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: What level? What level is that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: But if a bank has no access to wholesale money markets and no access to what is deemed as the lender of last resort, the ECB, is that not a serious, serious issue for a financial institution and, therefore, a serious issue for the Governor of the Central Bank in terms of financial stability?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: No, I'm not----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: I'm not asking you in relation to the specific institution; I'm asking you in general that a bank, an institution that has ... not a bank, an institution that has no access to wholesale markets, no access to ECB monetary operation, is that not a serious issue for the Governor of the Central Bank in relation to its responsibility for the stability of the financial system?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Okay. What was the reaction - as I said, this letter from the office of the regulator was in the first quarter of 2008 - what was the reaction of the Central Bank to the Irish bank share crash in March 2008?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Do you believe that the market reaction to Irish banks at that time was with or without merit?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: And the last point of clarification just, I asked you in relation to the minutes of ... of the IFSRA board, which talked about inspections in terms of growth of loan book and large exposures, and with another bank, bank B, in terms of commercial property exposure. You say that wasn't brought to your attention. Would the minutes of this board, the IFSRA board, be brought to your attention?...

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Sorry, just to clarify that and----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: There's a number of boards here, so the question is ... the question is your responsibility. Did board minutes come before your desk or any board that you were involved in, were they circulated to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Pearse Doherty: Board minutes. IFSRA board minutes, these minutes refer to the Financial Services Regulatory Authority, the minutes of 2004, which deal with the inspections which you say was not brought to your attention. The question is, was Irish Financial Services Regulatory Authority minutes brought to the attention of the Governor of the Central Bank and, if so, did you read them up?