Results 24,601-24,620 of 35,894 for speaker:Pearse Doherty

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: Did the board ever discuss any of that ... these issues?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: Yes but in terms of the wholesale lending-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: Borrow short to lend long-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: We've had Mr. Dan McLaughlin, economist with one of the financial institutions before the committee and he said in his evidence, and I'm just quoting it for you, he said: The other thing I would point out is the major losses for the Irish banks were not in residential property, they were in commercial property ... in commercial property. Not many people, if I recall, wrote anything about...

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: You think it was both?

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: Did the board have discussions in relation to these exposures of commercial property and ... both on commercial property and on residential property?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: And how ... what type of discussions did you have in relation to them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: Did the board ever think or discuss, did they ever, kind of, say, "I think there's a property bubble here"?

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: Right. I was on ... you're on the seventh floor I was on the seventh floor on one occasion when I met with Governor Honohan and while I was waiting for him to come in one of the things that I actually ... it impressed on me is you are up so high and you see the entire skyline of Dublin. And I was just sitting there while I was waiting for the meeting thinking about how many cranes would...

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: But you didn't think there was a bubble?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: Okay. I'm going to refer to your core booklet, it's Vol. 2, page 3, and I ... I'll quote the section anyway, but it's Vol. 2, page 3. This is a summary of draft minutes from the financial stability co-ordination committee in April 2004, and the summary reads: ... the CBFSAI had not convinced market participants that there may be "systemic risk" building up in the banking sector. Indeed,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: Page ... Vol. 2.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: It's on the screen. It's on the screen.

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: I'm asking ... that's a minute of the ... is the ... is that a fair report of the discussions that may have been happening at board level at the time? Was there discussions of this nature being ... was this reported in to the board? Were you made aware of the fact that the ... the CBFSAI had not convinced market participants of the systemic risks building up in the banking sector?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Pearse Doherty: Okay, so ... okay. Were there ... were you aware of the fact that - in 2004 - that there was suggestion, from the CBFSAI, that there was systemic risks in the banking sector?