Results 24,581-24,600 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: So was the light-touch regulation, or not, adopted as a result of not wanting to distort the promotion of the Irish Financial Services Centre?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Well, maybe I'm not ... I'm not talking about principles-based, which obviously can be dubbed as right-touch ... light-touch regulation. I'm talking about super light. I'm talking about the fact that administrative sanctions, additional capital, which all happened within a principles-based regulation model. But those didn't happen, as you outlined the reasons why some of them didn't...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Do you have a view in relation to whether there was a two-tier or a two-track type of regulation? This was suggested earlier on by the previous witness, that in relation to, for example, I think, its administrative sanctions that there was ... or sorry it wasn't administrative sanctions, it was concentration levels, that there was a two-tier type of regulation, that the firms in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Okay. So we have seen, as committee members, evidence, for example, of letters to and fro, to and from banks, from the Financial Regulator, that talks about the concentration levels.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Okay, and we know the rules, 200% for one product, 250% for both. So are you telling us that that approach was also adopted with financial firms in the Irish Financial Services Centre, that banks who breached those limits were also being written to by the regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Okay, that's fair enough. In your view, did the Financial Regulator have sufficient staff to carry out its tasks in relation to consumer protection and the introduction of the IFRS capital directive and its other statutory roles?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: I've asked in relation to consumer protection and in relation to the introduction of the IFRS capital derivative and its other statutory roles also.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Can you explain why additional staff weren't hired?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: I'm interested to hear you saying about the fact that the industry has to bear 50% of the cost of regulation. You're suggesting that the ... a factor in relation to not hiring additional staff would be the fact that these institutions would be on your backs in relation to it in terms of that their levy would have increased?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: But it was a factor?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: I'm surprised at that obviously-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: I'm just surprised at the information. I'm not saying it's right or wrong or whatever, I'm just surprised it's-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: No, it's just it was a fact that was there for discussion.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Can I go on to ask you was there severe punitive action ever proposed or discussed at the IFSRA-Central Bank board level for breach of lending policies within banks or for breaches of the sectoral risk limits?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: No. Regarding financial stability round-table discussions between the Governor of the Central Bank, the regulator and the banks themselves, were these meetings used to raise the financial stability concerns of the Central Bank and of IFSRA in relation to what could be described as the two most important emerging factors, that is, the change to the funding composition of the banks and the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Okay. Mr. Patterson, during your time with the Financial Regulator's office, were you aware or not of the links between wholesale funding and commercial and residential property development in the Irish domestic banking system?