Results 3,101-3,120 of 7,082 for speaker:John Paul Phelan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: -----the last two minutes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Thank you, Chairman. Good afternoon, Mr. Cowen. I want to start again with the document that Deputy McGrath referred to ... in Vol. 4, beginning on page 3, it's a 21-page document. "Confidential" is written on top, "Financial Stability Issues - Scoping Paper". First of all, were you involved in discussions around that particular document at that time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: And would there ... would you have been presented with any report, oral or written, as to what was being considered in that document?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Okay. So, you would have had some discussions with him about it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Okay. Because I was writing as you were speaking, and you said, "There wasn't a realisation that there could be a systemic risk." And I want to ask you to turn to page 5, the bottom ... the last paragraph, on page 5. And I'm going to quote it directly, it just says-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Vol. 4-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Vol. 4, page 5, bottom, last paragraph on the page.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: I will quote it to you anyway, Mr. Cowen. It says, "...in circumstances that there may be specific concerns regarding the position of the financial system as a whole in Ireland, on account, for example, of its dependence on property-related lending". How does that square with your statement that there wasn't a realisation, which you've just said and you said it several times, in fairness,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: You said, and I don't want to keep repeating it but I'd like an answer.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: We had a hard landing very shortly afterwards and you were the Minister for Finance.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Absolutely and we'll come to that the next day. I'm really trying to, I suppose, emphasise the point that you said that there wasn't a realisation that there could be a systemic risk and this document which you say you had some discussions with Mr. Cardiff about says in several places, particularly at this point, that there could and it was being examined-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: But this document refers in several places to the system, not just to specific institutions. That's the point and I'm not going to labour it because I think you have answered it. During this period, by the way, and during your time as Minister for Finance, how often would you have been meeting with the Governor and the regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Was this particular concern either of a systemic or of a singular institution failure ever discussed at any of those meetings?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: And with the regulator, were they ever discussed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Okay. I want to ask you now in relation to the evidence of Mr. Cardiff when he was here. I think it was a couple of weeks ago when he spoke about this. He said: "There were also significant external voices who had been expressing support for a broad guarantee or something like it at various points in time between March 2008 and the guarantee itself." We can only go up as far as May 2008...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: We did, we did, indeed, and you've referred to some of them in some of your earlier testimony today, in particular, Mr. Gray who ... Again, we can't cover the night of the guarantee but we know you spoke to him on that particular night but we'll come to that later. Mr. Gray was, and I believe still is, the head of Indecon consultants. You appointed him to the board of the Central Bank and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: You did have a role-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: I'm not questioning that, Mr. Cowen. I'm just questioning that he was-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Was he an adviser to you in your time as Minister for Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
John Paul Phelan: Was he somebody that you-----