Results 2,781-2,800 of 4,168 for speaker:Susan O'Keeffe

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Professor Connor indicated that the Central Bank had sufficient powers but it was not in the spirit of the times to intervene. Are we correct to understand that the Central Bank was caught up in the spirit of the times?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Are we correct to believe that in the years before it all went down that the Central Bank must have known about some of the things that were happening? It had the power to intervene but it did not do so.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Professor Connor closed his opening contribution by stating "the information provided by some of the banks may have been embellished deliberately to disguise their real capital positions". Can he elaborate on that comment?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Professor Connor used the word "embellish" and talked about them doing this deliberately. What were they embellishing?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Mr. Nyberg refers to the loan loss provisioning levels in covered banks falling between 2003 and 2007 in page 43 of his report, stating, "As a consequence, increased accounting profits effectively provided additional capital of up to €3.5 billion to the covered banks and this, in turn, increased their capacity to lend by over €30 billion". Can Professor Connor dwell on that for...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: If a bank makes a decision to alter its loan loss provision, is that something it knows it is doing or is it done accidentally?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Professor Connor said on page 7 that the bank guarantee was a "costly error". When Mr. Donal Donovan appeared before the committee, he said it was difficult to see any alternative that would "have led to a materially different outcome". Governor Honohan said that while he was critical of some elements of the guarantee "something had to be done for at least some of the banks". What is...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: I thank Professor Connor. On page 5, he refers to "irresponsible lending policies during the credit bubble". What was he thinking of in this regard?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Given that bankers anywhere at any time know that property development is riskier than mortgages and SME lending, why then would they have sought to increase their own risk? Why would they do that when they know something less risky is available?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: At the Trinity Economic Forum in 2014, Professor Connor said that up until 2010, Irish banking regulation was the world leader in feather light regulation and at the Dublin Economics Workshop in Kenmare in 2010, he described this as the "pivotal Irish policy error". I acknowledge he has discussed some of this but given he has said the Central Bank and the Financial Regulator had the powers,...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Is Professor Connor confident in his professional capacity that if he were to conduct all the analysis that would be required, Ireland would still emerge as the world leader in feather light regulation?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Professor Connor mentioned the concept of banks being "too big to fail". Is it that no bank should ever be allowed to fail or is it that, at the time, that was the mood? It is an expression that occurs a lot in conversations, not just in this room but more generally but I have never been really sure what it means and where it came from. How did we arrive at a position where a bank can be...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Is there a psychological mindset in banks based on a belief that they will not be allowed to fail?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: In 2008 in a letter Professor Connor co-wrote to The Irish Times, he spoke about bank management and shareholders failing in their duties with managers presiding over a loss of wealth unprecedented in the modern economy and shareholders failing in their duty to monitor and control management. He said, "Neither side should get away with this dereliction of duty". Does he believe there needs...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: As a general rule, are auditors and accountants allowed to be directors of companies for which they work?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Has it ever happened? Has that ever been reported?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: As regards the large book, the international accounting standards we have been discussing, there have been criticisms over the years by the European Parliament, the Securities and Exchange Commission, SEC, and other people. Who decides to change them? Obviously, it is a long and complex process but are corporations or large financial institutions allowed to lobby and keep things or change them?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Is it not made up of representative accounting organisations in different countries?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: Can Professor Walsh explain his comment on page 3 of his written statement, “In periods of expansion, as a bank expands its loan book, the bank will appear far more profitable since profit measures exclude expected loan losses.”?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Susan O'Keeffe: That will always be in the cycle of banks. In respect of the banks that reduced their loan loss provision themselves, and Professor Walsh refers to this when he says provision for loan losses declined from 0.7% of loans to 0.5% of loans, would the banks know they were doing that, or did it happen accidentally? Would they be obliged to tell the Central Bank they had done that or would the...