Results 2,641-2,660 of 7,082 for speaker:John Paul Phelan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Were you aware of the extent of the tracker mortgage interest at risk and was that ever discussed at board level or senior management level within the institution?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: So I'm not trying to cut you short ... but there was a discussion but you didn't really take any action, is that right?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: I want to ask you about another product that you entered into, or the institution entered into, in March of 2007, shortly before you left, with Merrill Lynch - the Springboard mortgages, they were termed, to cater for individuals who were experiencing difficulties in securing lending from banks by traditional methods. In ... with the benefit of hindsight, was that a good decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: But there was an element of sub-prime, wasn't there?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Can I ask ... and I know you were gone, I think, at the stage, a year later, when Merrill Lynch looked to cease their involvement. Did that raise any alarm bells for you at the time? I know it was post your time as chief executive.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Okay. I just want to change now, if I can. You've spoken in answer to Deputy Doherty in relation to the 100% mortgage issue. You're critical in your statement about the regulator, particularly about the prudential, I suppose, side of the regulator. Did you at any time voice your concerns, either internally to the board of the bank, to the bankers' federation, which you mentioned in your...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Outside of that issue? The prudential, in general, I suppose, is what I'm asking-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: And the bankers' federation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Yes, you mentioned them ... referenced them in-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Okay. So, really, your statement here ... outside of the 100% mortgage issue, is you looking back with hindsight and saying that prudential ... there was a lack of resources in the prudential end but you didn't, outside of the 100% mortgage area, raise any of those concerns?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Okay, well, I just wanted to clarify that. That's fair enough. I want to then turn to page 8 of your statement where you say----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Yes. Basically, the soft landing, which you referenced yourself. You spoke about the consensus that existed domestically and internationally. Was-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: It's under the heading "A. Mortgage Quality", on page 8 of your long ... your original statement to the inquiry.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: There's a diagram in the middle and it's in the paragraph underneath: "[T]he strong consensus of economic commentary both domestically and internationally was that despite the rapid expansion of both credit and house prices, the economy was fundamentally sound", the "soft landing scenario" is how you termed it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Were you and your institution doing any analysis of what the likely outturn for the Irish property market and, indeed, the economy was going to be?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Would it be fair to say then that you bought into the soft landing scenario - as an institution, not you yourself personally - but Permanent TSB and Irish Life were part of the consensus?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: Now I want to turn to an item that I found online - press release from Permanent TSB on 20 September 2002:Permanent TSB launches country's first cheque book-based mortgage account. New facility breaks down the barriers between mortgage lending and other personal loans. Permanent TSB, the country's largest mortgage provider, has announced the launch of the first cheque book-based mortgage...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: I have it here: "One Plan works by giving customers pre-approval to borrow up to 75% of the value of their homes". 75% wouldn't be characterised as a low loan.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
John Paul Phelan: That's ... I don't think anybody would argue with that. I think-----