Results 23,281-23,300 of 35,893 for speaker:Pearse Doherty

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?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Pearse Doherty: Did you have access to ECB funding?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Pearse Doherty: Okay. Did you have access to funding from the money markets? Did you have access to the European medium-term notes at this time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Pearse Doherty: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Pearse Doherty: Well, you were shut out from the markets and shut out from the ECB at that stage. When did Nationwide ... when were Nationwide shut out from the money markets?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Pearse Doherty: We've seen details, or I've seen details, that suggest that it would have been in the first quarter of 2008. Would that be in line with your view?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Pearse Doherty: Okay. Given the fact-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Pearse Doherty: Okay. Given the fact that you were shut out to the money markets from about September or, sorry, from about March 2008 'til this period I'm talking about now, in September, and you mentioned that liquidity was a serious problem, you know that in the next 12 months, in 2009, there was about €4.8 billion of a roll-over on the markets. How were you going to cope?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Pearse Doherty: You were the only Irish bank that were shut out from the money markets and the ECB at that time, just for the record.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Pearse Doherty: Do you believe that that might have been what prompted the Government to start preparing legislation to nationalise the building society around that period?