Results 12,681-12,700 of 36,274 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The Central Bank has found-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Yes, and exceptions.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: That's not the question that I'm asking you. In terms of exception policies, it says the Central Bank has found that INBS was required to provide certain reports. It's saying that between December 2005 and September 2008, the reports in exception to commercial policies ... these were one of the findings that was not happening. It said such reports would have given the board insight. So...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: So do you reject this finding of the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Absolutely. Okay. A-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: -----quarterly review of commercial lending ... again, within the policy of the bank, the board should have received a quarterly review of commercial lending for five quarters between 2005 and 2008. The review would have given the board information, among other items, on large exposures, sectoral and geographical profile and commercial loan books. Do you accept that in the five quarters...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The results of the annual credit risk stress testing. This would have facilitated the board in accessing INBS ability to withstand potential loan losses.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Okay. The question wasn't that. The question was the ... again the point is that under the internal policies and procedures of Nationwide, the annual credit risk stress testing was required to be presented to the board. The question I had ... as a board member, as a senior member of the board, what were you doing to ensure that that happened, because they have found that this was not...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The question is ... was ... do you dispute this or were you actually, do you accept this or were you actually receiving the credit risks stress testing annually, as was required?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The last part in this here.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The report on compliance with geographic concentration risk limits. Again, the Central Bank finds that these reports again in ... contrary to the policies of the institution weren't being provided to the board. Do you accept this finding or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The reports ... not being aware. Let's be clear in what we're talking about here. A report was required to be provided to the board of directors on compliance with geographic concentration risk limits. This wasn't about being aware of something, it was about a physical report being distributed to board members that the chair should ... obviously to ensure that the board members were fully...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: To clarify, an earlier question-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Yes. The Financial Regulator sent a letter in December 2004 noting its ongoing concerns with the level of resources at senior and executive management level within Nationwide. These concerns were repeated in a further letter in March 2008. Can you explain why the regulator's concerns were not addressed and no apparent effort was made to strengthen the board of the senior management to the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: In view of the concerns over resources levels in senior management, why did the building society continue to expand its loan book - and this is the years that it dramatically expanded its loan book and, in particular, its commercial lending throughout that period - given the resource level in terms of senior management?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: In your opening statement, you mention in page 3, you say "By September 2008 INBS's liquidity was coming under pressure due to [...] credit rating downgrade and an inaccurate report [...] by Reuters." Mr. Purcell, did your bank have access to ECB funding in September 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: From the ECB?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: Yes, but the question is, I'm not asking you about that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: The question is-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Pearse Doherty: -----did you have access to ECB funding?