Results 2,781-2,800 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: You don't ... well, I understand, and I think the point you're saying is that boards of directors have responsibility and, you know, the structure of the bank to their own shareholders. But we've uncovered a lot of, I suppose, evidence from different sources of a very deferential relationship that existed between the banks and those who were supposed to be regulating them, not least details...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Okay. I've two questions that I have to ask you before I get to Mr. Gormley. Hopefully I'll have a bit of time with him. At the bottom of page 3 of your statement that you presented to the inquiry you said, "I have commented on Government's lack of awareness of the growing risks in relation to Financial Stability in the lead-up to the crisis - an omission that one hopes is unlikely to be...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Okay. This is my final question. On the website, still, of the Department of jobs and enterprise, as it is now, when I was preparing for this I found a speech, or a press release of a speech, that you gave in 2002, 12 September 2002, at an event ... a breakfast event in a hotel in the IFSC, and I want to put a quote from it to you: 15 years after it started, the IFSC is fully on the world...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Was there an inherent conflict, though, in those two roles?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Okay. There's only a minute and 20 seconds left for Mr. Gormley, sorry about that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: -----but thank you for your answers. Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: No. I briefly want to refer Mr. Gormley to page 4 of your statement.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: It's the phone call from Minister Lenihan on the night of the guarantee when you were ... an invitation, at least, was extended to you to attend the Government Buildings. Why didn't you? And again, if you had that time all over again would you have ... would you act differently now?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Did you have a detailed understanding, though, of what this McWilliams option which you referenced-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: But you were the only one like, as far as I'm aware, who was given the option on that night of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: But do you think that that one-page e-mail from-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: I think that a one-page e-mail from Mr. McWilliams was fully ... full awareness, for you, I thought.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Thank you, Chairman. Briefly, for both of you, was there a discussion at Cabinet prior to the guarantee of the figures from the Department of Finance that showed that the country had gone officially into recession which became known, I think, to the Department from 25 or 24 September? Was that discussed at that Sunday meeting or at any other meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: That's fair enough. Can I ask again, Mr. Gormley, maybe outside of the discussions with Mr. Cowen, Mr. Lenihan and the correspondence and phone calls with Mr. McWilliams, did you seek the advice of others at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Okay. For both of you, were you aware prior to the contribution of Mr. Cardiff to the inquiry that he expressed the view here in his statement and in his evidence that Minister Lenihan did not have full and frank discussions on matters concerning the banks at Cabinet because he was afraid that such matters would be leaked? Were you aware of that at the time or when did you subsequently...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

John Paul Phelan: Okay.