Results 24,641-24,660 of 35,924 for speaker:Pearse Doherty

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?

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

Pearse Doherty: Okay, what were the systemic risks that you were aware of?

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

Pearse Doherty: No, the ... the question I ... I wanted to, first of all, find out what you thought was the problem at the time. What did you think was not just a risk but a systemic risk.

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

Pearse Doherty: In my view, big difference ... in my view, so it's ... it's just ... so in your view the systemic risk was ... was what?

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

Pearse Doherty: Okay. I'm gonna ... pressed for time so want to just move to this ... this area here. Mr. Patterson, in 2006, Fitch placed the Irish banks on a lower rated category for macro-potential risks. We know, from the evidence that was presented to Liam O'Reilly, that this was brought before the financial stability co-ordination committee in 2006. The reference - for the secretariat - is in core...

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

Pearse Doherty: I'll ... I'll try and sum up in this ... in this questions here. See, you were the chairperson, so you were the ... one of the main people, one of the most important persons within the entire organisation. You ... you say in your statement that if you know ... if you knew then what you knew now, you would have acted differently. My question is: what do you know now that you didn't know...

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

Pearse Doherty: But what do you mean by "the extent of it"? Sorry, just, what do you mean, in specific terms ... what do you mean by "extent"?

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

Pearse Doherty: Sorry, again, what do you mean by "how close to the wind the banks were sailing"?

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

Pearse Doherty: The risks in what? Like-----

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

Pearse Doherty: But, would the size and nature of their loan book not be reported to you, as a board, for any of the years that you were chairperson of that board?

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

Pearse Doherty: Yes, but you knew the size and scale of the----