Results 23,781-23,800 of 35,924 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: -----the IBF in 2007?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: So, when you had these chief risk officers in the room from, I presume, some banks that went bust - Anglo, Nationwide, AIB, Bank of Ireland, other banks, EBS - to discuss bird flu, did you discuss ... and cyber-crime at a later stage ... did you discuss at any time issues of solvency of the banks, given that they're the chief risk officers that were sitting at the table?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: So is that a "No" to the question that solvency ... bird flu and other-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: -----systemic risks such as cyber-crime was discussed but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: -----in terms of solvency or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: Okay. Right. When ... you mentioned that the IBF weren't aware of the bank guarantee and you woke up that morning like everybody else. So, we have uncovered in this inquiry that discussions in terms of guarantees and, indeed, legislation were being drafted as early as April 2008. So, is it the IBF's position that they were unaware of any of that process of consideration of legislation or...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: No, but the question is when did you become aware? It's not about whether-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: Yes. That's the bank guarantee decision; we all woke up that morning and we knew that the ... we found out that the Government announced it, well, most of us in the country anyway, that weren't in the loop. But, the question I'm putting to you specifically is: was the IBF aware that the Department or agencies were considering a guarantee at any stage prior to the morning that you woke up to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: Okay. Okay. Was the IBF ... I presume you weren't aware that one of the ... it's suggested that one of the main banks drafted its own bank guarantee. Was the IBF aware of this? Was it consulted on the draft? Did the IBF ever receive a copy, before or after, of the bank's own version of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: Okay, so just the question again in terms of the drafting of the bank guarantee by one of the banks. Did the IBF become aware before or after that that occurred?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: And after?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: But ... okay, that's your only state of awareness?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: Okay, I appreciate that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: Mr. Farrell, you were appointed to the Seanad for the sum total of one sitting day by the previous Taoiseach, Albert Reynolds, which happened between the general election and the Seanad election. Being a former Senator for that one sitting day gives you privileges in terms of access to the Houses of the Oireachtas. How important or not was that access, that unfettered access to the Houses...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: Okay. Mr. Farrell if we can go to the ... just picking up what Deputy Phelan was talking about. If we can go to page 64, again of the core documents, this is the amendment to the Asset Covered Securities Act. And I want to go the point where you say that, despite the fact that the Government, this is a Government recommendation, or a memo to Government, a memo to Cabinet. Despite the fact...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: And it was the IBF who instigated the amendment of this legislation. Do you concur with that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: It says here that ... on, again, the memo to Cabinet, "The Irish Bankers Federation approached the Department ... in April regarding changes to the Investment Intermediaries Act". So were you the trigger ... was your organisation the trigger for this in terms of the legislation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: It's reported in The Irish Timesthat you wrote to the Finance Minister at the time, Mr. Brian Cowen, on 6 October 2006 about the benefits of building an Irish covered bond market, that it would allow lenders to fund the demand for mortgages. Do you recall that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)
Pearse Doherty: Do you ... what's your view in relation to the fact that these instruments which you lobbied for, allowed for banks such as Anglo Irish Bank to access more wholesale markets that allowed for it to lend into what many people believe was a property bubble at that time in 2007 when the legislation took effect?