Results 2,681-2,700 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: And it would have been addressed to-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Yes, Michael Walsh actually.: As you are aware [I'm sure you were aware of the document] has on many occasions expressed its concerns with regard to the level of resources at senior [executive level] ... management level within INBS. In particular, the regulator stressed the need for increase in size of the board, a strengthening of the executive management team. The latter point was to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: On an issue ... on the issue of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: -----over-reliance on you and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: -----on succession planning-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: -----for your position.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Was it dealt with?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Was it dealt with?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: How?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: So, in other words - this is my final point, Chairman - this "high-level concern" in relation to over-reliance on you and succession planning for your position, you didn't ... you ... because of the fact that you were being sold, you feel that that's the reason why it wasn't addressed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Okay. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Mary Burke.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Thank you, Chairman. Good afternoon, Dr. Walsh. I have a long initial question. I would ask you to bear with me, maybe. It concerns a number of quotations from the booklets that you would have been provided with. The first one is from Vol. 2, page 93, the KPMG report on review of the effectiveness of the internal audit function, "The existing internal audit function is not best practice...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: My time is short, and I'm not trying to cut across you, but, in 2008, KPMG were still raising this concern. You referenced 2004 and actions that you said took place. They're in 2008, in their management, are raising more or less the same concerns about building up the experience in the internal audit function.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Well, 2004 was the first one. In 2005, actually the report by KPMG on the effectiveness of internal audit and in 2008 their management letter from KPMG, again on the internal audit department within the building society.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Then, how do you explain the 2008 management letter?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: I don't think ... I think you're misrepresenting it slightly. I don't think they said that everything should go ... I mean, they were identifying a shortcoming which they felt could be addressed by an external solution more so than completely externalising it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Can I ask, and this is my final question, I just want to reference that book again, Tom Lyons and Richard Curran, Fingers: The Man who Brought down Irish Nationwide, the prologue, page 11, there's one quote I want to put to you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Well, I'll put the quote to you anyway, as I think the quote is a general kind of ... I just want your comment on it. "It exposes for the first time the way in which Fingleton was allowed to operate at will around the board table of Irish Nationwide, despite the society being chaired by an eminent professor of banking and being regularly micro-managed by the state's banking watchdog." And...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

John Paul Phelan: Sorry, we've identified, more than any other institution over the period that we're investigating, letters from the regulator, specifically the first point in most of them was corporate governance issues, particularly focused, in fairness, around the role of the chief executive or the managing director, whatever he was called at different times, not specifically the chairman, but I think the...