Results 24,961-24,980 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Mr. Hurley, in answer to a previous question, when I asked you if there was a financial institution in a situation like this, when I asked you would this be a financial stability issue, you answered that it would and that you would expect this to be brought to your attention. Would you concur with the ... with what you see in the letter from the office of the regulator, that this does lead,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Okay. Can I ask you, because you've said it may be a financial stability issue, how could a financial institution that doesn't have access to ECB monetary financing, doesn't have access to the wholesale markets, and hadn't for a number of months, and were solely relying on deposits, not be a financial stability issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Would you be surprised, or not, that the Office of the Financial Regulator did not bring this to your attention, if they didn't bring it to your attention?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: But you said you're sure that it was brought to your attention at a different level?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Yes. You're just after saying ... You said, "I was sure", so you want to qualify that to say, "I may ... It may have been brought to my attention".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: You don't believe it was brought to your ... Should've it been brought to your attention?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: What level? What level is that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: But if a bank has no access to wholesale money markets and no access to what is deemed as the lender of last resort, the ECB, is that not a serious, serious issue for a financial institution and, therefore, a serious issue for the Governor of the Central Bank in terms of financial stability?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: No, I'm not----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: I'm not asking you in relation to the specific institution; I'm asking you in general that a bank, an institution that has ... not a bank, an institution that has no access to wholesale markets, no access to ECB monetary operation, is that not a serious issue for the Governor of the Central Bank in relation to its responsibility for the stability of the financial system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Okay. What was the reaction - as I said, this letter from the office of the regulator was in the first quarter of 2008 - what was the reaction of the Central Bank to the Irish bank share crash in March 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Do you believe that the market reaction to Irish banks at that time was with or without merit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: And the last point of clarification just, I asked you in relation to the minutes of ... of the IFSRA board, which talked about inspections in terms of growth of loan book and large exposures, and with another bank, bank B, in terms of commercial property exposure. You say that wasn't brought to your attention. Would the minutes of this board, the IFSRA board, be brought to your attention?...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Sorry, just to clarify that and----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: There's a number of boards here, so the question is ... the question is your responsibility. Did board minutes come before your desk or any board that you were involved in, were they circulated to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Board minutes. IFSRA board minutes, these minutes refer to the Financial Services Regulatory Authority, the minutes of 2004, which deal with the inspections which you say was not brought to your attention. The question is, was Irish Financial Services Regulatory Authority minutes brought to the attention of the Governor of the Central Bank and, if so, did you read them up?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Go raibh maith agat, a Chathaoirligh. I want to return to a question that I asked you, one of my final questions in the earlier session, and it was in relation to the Central Bank's reaction to the market ... the share price drop in ... of financial institutions here in this State, and I think you mentioned that this was a market adjustment at the time. Can I say to you, in particular,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Did the, did the attacks by the market on that institution on that day lead you to ... lead any red flags to be raised within the Central Bank or, for yourself personally as Governor in relation to the institution?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: And the Minister for Finance on that day phoned you from Vietnam, after having a request from this financial institution to speak to him. What was the, what was the initial conversation that you had with the Minister for Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: And what did you say to him or what was your view to him?