Results 24,241-24,260 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Okay. In terms of the recommendations that's in the core documents, the 20 pages of changes that you've introduced, is there any still outstanding from previous reports and are there any plans to introduce these changes in the future? Are there any gaps in your implementation of the necessary changes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Professor, when you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Maybe that's something you could submit to the committee at a later stage, if you wouldn't mind?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Governor, in 2011 you responded to a question that I put in relation to the programme of assistance, or the bailout, you said, "I was not all that happy with the negotiations, not that I think it was a bad deal." You went on to say, "There were a lot of missed opportunities", and you went to give a specific example. You said, "For example, the managing director of the IMF, Christine...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: You did say that at the time, that it was put together more quickly than was really strictly necessary. Do you believe that the Government should have held out longer and tried to get these points across the line?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: How could it be a missed opportunity if it couldn't ... if you believe it couldn't have been achieved?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: You also said that ... in terms of the markets and the response to the bailout, you say, "The markets didn't like the fact that there was no bail in."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: So the markets, in your view, were expecting that there would be a bail in?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Future bondholders wanted the troika programme to agree to burn some existing bondholders.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Okay. Can I ask you just quickly on reckless lending, reckless misconduct and you've given your comments on this before, but just for the inquiry's sake, do you believe that reckless lending/misconduct should be an offence? It's not under Irish law at this point in time. By bankers.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Okay. In relation to the stress tests that were carried out by BlackRock, have you done an analysis on the accuracy of those stress tests given that the injection of capital that went into the banks were based on a three-year scenario and the three years is up? I want to particularly pay attention to the residential mortgage losses that were expected to incur over the three-year period,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: The banks were capitalised on the basis of €9.5 billion losses that would've been accrued-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: -----up until last year.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: In your view, what portion of those €9.5 billion have the four banks accrued so far in losses?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: They're not writing them down ... their debts-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: -----but they were capitalised-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Even though they were capitalised four years ago for that purpose.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Pearse Doherty: Okay, can I ask you in relation to the accelerated capital sales of the Anglo bonds now that the Central Bank hold and that you're selling them above what was the minimum requirement-----