Results 2,601-2,620 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Briefly, then, what other strategic options were discussed at the meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Okay, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Thank you, Chairman. Good evening Mr. Browne. Firstly, I want to refer to the book that has been referred to by many others, Mr. Carswell's Anglo Republic. In it, it states that you were paid €3.75 million from Anglo when you resigned in November 2007 as a golden handshake or retirement package. Is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: How do you feel, yourself, now in light of what we've subsequently discovered with Anglo and its operations and the cost to the Exchequer about that sum?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: That's fair enough. I was reading your ... part of your biography there, during your second term in Anglo, and it is remarkable reading because you seem to have held a lot of different, kind of, roles within the bank at the ... at the same or similar times. You were the head of ... managing director of lending for Ireland between 2004 and 2007, when lending went from €3 billion to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: €13 billion, sorry, to €38 billion. Do you think ... do you think, I suppose, basically, that was a sustainable level of increase for that four year ... for that four-year period?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Okay. Again referring to the ... Mr. Carswell's book, it is noted in one point, or mentioned in one point, that you have been critical of senior management in Anglo. I'm instructed by legals not to get involved in that discussion and I-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Yes, and I'm obeying the instruction. But I want to know, do you feel yourself that there was any of your conduct, or "any of your own conduct" is probably the wrong word, but any things that you did, particularly in your time as head of lending in Anglo, that contributed to the financial difficulties ultimately a year after you left and to the, you know, exposure of the taxpayer to billions...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Yes, you ... I was referring to the ... that you had been critical of senior management in Anglo.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: It's from Mr. Carswell's book-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: -----as well.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: I can. Page ... it's the Kindle version, page 5911, where he said, and I'll quote it, the conduct of senior officials at Anglo had ultimately proved-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Sorry this is not an alleg----- this is a published-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Okay, look it, really the point I suppose I'm trying to ask you, Mr. Browne, is do you feel ... you're saying that Anglo was grand when you left in 2007. You were head of lending for the preceding four years, if you like-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Well, okay, two and a half years. Do you feel that any of your actions in that time contributed to the downfall of the bank a year after you left?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: In your opinion was the decision to combine the roles of finance director and chief risk officer prudent or appropriate at the time when loans ... time when loans were growing so rapidly, in terms of the need to maintain an independent risk function at the time allocation needed, albeit that both responsibilities essentially were merged into one? Do you think it was a prudent decision?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Okay. Can I ask you did you see the evidence of Mr. Moran, Matt Moran, when he was in here last week?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: He stated, and I want to put a quote that he said ... gave to the inquiry. He said, with respect to Anglo, that "the lending function was excessively dominant"-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

John Paul Phelan: Okay, well, I don't ... I don't have a mobile phone here. Where was I? "The lending function was excessively dominant in the bank and that the risk function controls were, ultimately, insufficient". What you make of that comment?