Results 24,621-24,640 of 35,924 for speaker:Pearse Doherty

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?

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"?