Results 24,781-24,800 of 35,894 for speaker:Pearse Doherty
- 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: Okay. Is it appropriate, in your view, or not, for a prudential director to be in those social circumstances with senior bankers that you're supposedly or, not supposedly, but that you're regulating, you're responsible for regulating?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: But is it appropriate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay. Can I ask you what was the Financial Reg-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Just following on from that, so ... just you had the golf outing, I think it's mentioned that it was golf, dinner and drinks. Is that an accurate reflection of the type of social event we're talking about?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay, and ... and in that ... in that instance you didn't talk about banking at all, you didn't talk about-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Yes, well, my own experience is different in terms of, you know, when you meet a politician or somebody interested in politics or meet a journalist, you'd ... you'd end up talking about industry and I know that with Mr. FitzPatrick is saying that the best knowledge is garnered at the 19th hole, but no discussion in terms of industry?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: And what time was that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Yes, but you mentioned that you were at one event where you were a prudential director.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: No. And which ... what year was that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: 2003. What was the reaction of the Financial Regulator's office to the Northern Rock crisis in 2007?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: And, outside of the domestic standing group, what did you do in terms of the funding model? Was Northern ... Northern Rock was ... there was a core issue there in terms of relying on wholesale markets and so on. What did you do as Financial Regulator, given the alarm bells that were ringing just across the water in terms of that kind of banking model?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Did you have the power to go in and inspect, root-and-branch inspection, into financial institutions such as Anglo or Nationwide or AIB?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Did you authorise a root-and-branch inspection of those institutions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Any time after even?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: I think you may be referencing the commercial property exposure of the financial institutions and also the five of five, I think, the five top institutions that you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: The question I'm trying to get the answer to is, what did you do? So when these reports come back and showed major exposure to commercial property and major exposure to individual lenders, not repeating myself, but the fact that 20 individuals held half the loan book in, in two of the institutions and similar patterns in others, what did you do?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay. Right, I'll move on. We're back to the letters. In evidence presented to the committee, we were told of a meeting that took place on 6 September 2008 which involved representatives from the Financial Regulator, AIB, Bank of Ireland, the purpose was to discuss the serious situation facing Irish Nationwide Building Society. Do you recall the meeting first of all before I go on?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: Okay. Were you at it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Pearse Doherty: No. Okay. At the meeting board minutes from AIB on 7 September suggest that ... they quote "The funding profile of the institution was weak, and it was unlikely to be able to refinance funding that was maturing periodically over the ensuing year, commencing in December 2008." It goes on to say, "The quality of loans was suspect and could require write-downs ranging from a benign 13%...