Results 24,761-24,780 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: And when was the legislation drafted?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: And is your belief that it was for a building society, or a bank, or in which order did that legislation because they would differ?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay, that's fine. If you've never seen it, that's fine. Can you comment on the liquidity policies, the compliance monitoring, the procedures and protection measures in force, and actions taken before and during the crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: And can you tell the committee, just in relation to any financial institution or building society with liquidity and/or solvency issues prior to 30 September 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: And we've had evidence before, and we've discussed this with Mr. Horan yesterday, that there was a financial institution that had no access to ECB monetary finances, no access to the markets, interbank markets, and were relying solely on deposits in the first quarter of 2008-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: -----were you aware of that? And how serious or significant or otherwise was that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay. And in relation to solvency issues prior to 30 September 2008, would you have any concerns personally in relation to solvency issues of any financial institution?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Just explain this to us in terms of from your point of view as a regulator, what solvency means? The standard definition that people would be familiar with is liquidity ... or, liabilities exceeding assets. Is there a different interpretation of solvency when we're dealing with the Financial Regulator's office?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: But what about regulatory solvency laid down under EU law where you had to have 8% of capital?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay, well, we'll come to that again. Can you explain the role of the Financial Regulator in the need to seek both sets of analysis of, one, the review loan books, and, two, capital adequacy? And, specifically, why was the analysis not performed under the remit of your office? This is the analysis that was carried out just at the time of the guarantee by Merrill Lynch and PwC.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: So this is the review that fed into the decision in terms of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: And how long from reporting to requesting them to do this ... what period of time are we talking about?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: So my question to you, Mr. Neary, is ... like ... so we ... we paid ... you paid ... or, the State paid millions of euro to these outside agencies and gave them a number of days or a number of weeks, but it's a number of days between the middle of September to the end of September, to carry out a review in relation to the loan book and to capital adequacy for information that you, as...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Mr. Neary, one of the themes that we're trying to explore in this investigation, this banking inquiry, is the relationships between different sectors, different individuals, bankers, developers, politicians, regulator, so on and so forth. Can I ask you in terms of your own social relationship ... or did you have a social relationship with senior bankers at the time when you were either the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: It has been reported in the media, and I'm sure you're aware. If you're not, you can inform me that ... and it stems from the FitzPatrick tapes that yourself, Mr. FitzPatrick and Willie McAteer had a golfing outing on three occasions, dinner and drinks, but nothing in relation to banking was discussed. Is that something that you're aware of and is that an accurate reflection of those events?