Results 23,581-23,600 of 35,924 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: And, why didn't it ... why didn't it happen and what period of time are we talking about?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: It's not on the book.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Okay. And, would you not ... did you not have an indication of what was coming down the line in terms of PCAR or were you still thinking that it would be a lot smaller than what PCAR discovered?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Can you tell me how it was possible for a building society to issue commercial property loans? What was the legislative framework that underpins this type of lending that EBS partook in?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: So, the hotels, which basically ... you could buy a hotel under the type of ... or, you could fund the purchase of a hotel under the legislation in 2001?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: And, you say when, in 2010, €836 million of property loans originating in just two years, between 2005 and 2007, were transferred to NAMA at an average discount of circa 60%, the resulting capital loss on these loans was very damaging. What was the nature of the €836 million worth of loans that were transferred to NAMA? Was it land, hotels, was it residential housing, what...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Okay. And this land, was that for housing or was it for commercial?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Okay. And you were mentioning to ... on previous question, the question about ... and we've had evidence to suggest by some witnesses that it was commercial lending that broke the banks. In relation to that statement, do you believe that that is true for EBS or not true?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Okay. In relation to the portion of land that was transferred to NAMA, what was the haircut on that type of ... on that product?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Could have been up, okay. Can I ask you, what would have been the effect of a political guarantee on EBS as opposed to a legal guarantee, in your view, in relation to access to liquidity?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: A statement of intent by Government, what many other European governments did?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: What ... how long did the guarantee's effects last? We've heard from again witnesses that they had ... they had disappeared by the end of that year, by December, I think, from a former Taoiseach, or a Minister. Sorry, I'm not sure which one may have said it. But how long did the liquidity ... did the guarantee provide the type of access to liquidity that the banks needed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: So, after about four to five months, your view was that depositors or lenders that would place money with your bank and other banks, began to question the solvency of the State and being able to stand over the guarantee that was given?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Okay. In Vol. 1 page 49, if you'd just refer to that page, it's an inspection by the regulator into certain aspects of EBS's loan book in 2007, and we know that similar inspections took place across the banking system in January to March 2008. How much knowledge would the Financial Regulator's office have in relation to the loan book of EBS? And would the office have been aware of EBS's...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: So, like there's stuff in this ... in this review, for example, that no proof of addresses for individuals in terms of mortgages that had been handed out. One individual, two jobs, there was a handwritten P60 and payslip for a second job; "no tax was being deducted from [the] employment", and it "would question the sustainability of the second employment". There's also other findings,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: But can I just, finally on this here, like, if you go to page 52, on the top of that page, it's item 4, "The Society's Credit Policy does not require bank statements to be obtained and reviewed in assessing affordability other than in the case of applications relying on surplus rent roll to support Homeloans or [buy to let]." Now, to me, that is just ... like, this is a bank issuing a loan,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Go raibh maith agat, agus failte romhat. Going back to, just, one of our terms of reference in relation to relationships between State authorities, political parties, elected representatives and supervisory authorities, the banking institution and the property sector. Can I ask you in relation to your ... going back to your relationship with Mr. Cowen, the former Taoiseach, it was reported...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: Is that an accurate statement or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Pearse Doherty: That some of the parties that you have thrown, and you've mentioned that the Taoiseach would have been guests at those, and Charlie McCreevy, but would they have also included ... senior people from the financial institutions including Seánie FitzPatrick?