Results 2,541-2,560 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Okay, one final question. Do you feel yourself, from your time in Ireland, that you became the presentable face of the troika and that perhaps, others might observe from the outside that other members of the troika hid behind your affability and presentability in terms of being that -----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: -----face?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: It's a fact.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Thanks.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Thank you, Chair. Mr. Chopra, three areas I want to cover. Firstly, briefly, the flexibility allowed to a state that's under an IMF programme to renegotiate that programme. You indicated earlier that IMF looks at the bottom line, but is there a credibility test or, you know, what type of constraints are on that flexibility to renegotiate?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Okay. Secondly, on the exit from the programme, in your view, now, where you're in a position ... removed, I suppose, from the IMF - or not removed, but no longer working for them - that came out kind of wrong - was Ireland right to exit the programme when it did? And the issue of a backstop, which became a big talking point here in this country at the time - were there negotiations around...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Briefly, then, one final point-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: My final point. On page 13 of your own statement, you state: For its part, the IMF has acknowledged faults in IMF surveillance ahead of the crisis. For example, the 2012 Article IV staff report said: "Regulators - and the IMF in its surveillance role - failed to issue proper warnings as a vast commercial and residential property bubble inflated and bank assets grew to some 500 percent of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Thank you, Chairman. Good afternoon, or good evening, Minister. Firstly, can I turn to the matter touched on by Deputy Doherty in relation to Mr. Aynsley's evidence. I'm dealing in general terms. There's a couple of quotes that I want to put to you. He alleged in his evidence that there was interference in certain transactions in relation to certain clients within IBRC. One of the, the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: So you were unaware of anything to do with this until, until you heard it here?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: I'm not even getting into it, Minister, but I just wanted to know were you aware of it at all prior to it being mentioned here.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Okay. That's fair enough.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Can I then ask you in relation to the relationship between IBRC and senior officials in the Department of Finance? And I want to reference, which I did with Mr. Aynsley, The Sunday Business Postfrom 26 April 2015 where there was a quote from Mr. Aynsley, where he said, "I don't think it's a secret that I don't get on at all well with John." The "John" in question being Mr. Moran, the former...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: No, that's fair enough. It's just that when Mr. Aynsley was in, those questions were allowed to be asked and I don't see why they shouldn't be asked today.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: My question was: were you aware of it at the time and when, if so, when did you become aware of it? That's all. That was the question. I wasn't getting into the specifics at all.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Okay, can I ask, were matters relating to IBRC and any tensions that may have existed between them and the Department of Finance ever the subject of discussion at the Economic Management Council?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Okay. That's fair enough. Can I ask also then in relation to the Fiscal Advisory Council? You stated in your comments earlier that its function was primarily one to provide a contrary view, a contrarian view. The terms under which the Fiscal Advisory Council operates don't describe its function as one to provide contrarian views. They do provide its function as being to provide critical...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Okay. Can I ask then briefly in relation to a question asked of Mr. Chopra earlier by Deputy Murphy in relation to the formation of the current Government? There was some media comment at the time that the troika were involved in discussions with the two parties that formed the Government, prior to Government actually being formed, and that effectively they were almost a third party to the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: No my suggestion was just the comment-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

John Paul Phelan: Okay, Finally then, under the Single Supervisory Mechanism, the four largest banks in the State – Bank of Ireland, AIB, Permanent TSB and Ulster Bank – are now supervised by the ECB while other institutions are supervised by the Central Bank of Ireland. Do you feel that there’s a risk that we’ve once more arrived at a dual regulatory structure which could lead to...