Results 24,981-25,000 of 35,925 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Mr. Hurley, in relation to ECB monetary operations and wholesale markets for funding, if we have a situation where a financial institution had no access to ECB monetary operations and had not been accessing wholesale markets, would that be an issue of concern to the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: No, if a financial institution had no access to ECB monetary operations and hadn't been able to access wholesale markets, would that be-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Would that be a stability issue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Would it have been brought to the attention of the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Mr. Hurley, from the evidence before me, and I am led to believe that this evidence, a copy of this document, has been submitted to you and your legal team in electronic format, it appears that in the first quarter of 2008 there was an individual institution that had no access to ECB monetary operations, had not been accessing the wholesale markets for funding in recent months and was relying...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: I believe it was communicated last week or early ... it was communicated last week. It was an individual document that was presented to you, Mr. Hurley. We outlined that we were going to rely on this for questioning to the secretariat.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Whether you've seen the document or not is ... it's obviously important in terms of fair procedures but if I could say to you ... and if you would want to suspend this 'til after the break, that's fine. I can come back then.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: But, as I've said, from the evidence before me, from the document that I have seen, there was a financial institution in the first quarter of 2008 that had no access to ECB monetary operations, that had no access for a number of months to wholesale markets and were relying solely ... and were relying on retail and corporate deposit initiatives for liquidity. Would you be familiar with ......
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Can I suggest that given the ... just the short amount of time ... could we take that break now at this point and we can then conclude the questioning?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: I think it should be taken as soon as we come back so we can flow the ... the discussion can flow from there then.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: Mr. Hurley, you've seen the letter that we circulated to your legal team last week. The letter from the Office of the Financial Regulator is clear that there was an individual institution that had no access to ECB monetary operations, had not been accessing the wholesale markets for funding in recent months and were relying on retail and corporate deposits initiatives for liquidity. Can you...
- 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----