Results 24,601-24,620 of 35,924 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Okay. You've mentioned, and, indeed, Deputy O'Donnell has mentioned it, but you've mentioned it in response to myself in terms of that ... that dinner they ... what's been dubbed as the "bankers' last supper". Can you just explain to me how that came about? Who made the phone call? Did somebody phone you and say, "We have an idea of bringing all the chief executives together to have...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: So months after you retired but ... which is April, but before the guarantee which is September.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Did he ... did he mention that he was planning to invite the likes of David Drumm and Eugene Sheehy and Richie Boucher? Did he tell you that these-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: No, I think some of them didn't turn up-----
- 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: Okay, did he suggest ...did you ask who would be there or?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: No, just turn up on the night-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: See who was there, okay. It's reported that you defended your ... you defended your role as chairperson of ... of the authority at that dinner.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Okay, so there was no speeches and-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Pearse Doherty: Okay. Listen, we'll move on from that. I don't think it's the burning issue here. One of the statutory objectives of the Central Bank is the promotion of the financial services industry in Ireland. In your view, was there a conflict between the objectives of the Financial Regulator and the responsibility for prudential supervision?
- 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?