Results 3,161-3,180 of 7,082 for speaker:John Paul Phelan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Thank you, Chairman. Good morning, Ms Nolan. Firstly, actually, did you see the evidence of Mr. Cardiff on his two-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: It was. Can I ask, were you aware ... he outlined to the committee that a number of people and individuals and institutions had come to him and others making suggestions about the need for either a political guarantee or a guarantee months in advance of the actual night that the guarantee decision was made. Were you aware of that at the time or was-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: He also indicated that at a similar time in 2008, far in advance of the actual bailout, which came at the end of 2010, that he and a group within the Department were involved in examining, shall we say, the possibility of a bailout. Again, were you party to it or were you aware-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Well, there was two groups. I'm not sure if this was the Johnny Logan group or the other ... there was two groups that he mentioned. But were you aware of it or were you party to it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: You were in the Johnny Logan group?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Christened?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: And was that group actually active at the time of the ... when did it become active-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay. Can I ask you now again ... and I don't want to re-cover ground that's been already covered but there's a question that I must ask you in relation to the analysis and due diligence that was carried out on .... to identify the amount of €3.5 billion in capital for AIB and Bank of Ireland in February 2009. Why did the Government proceed with this amount for AIB given that it was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay. Now I want to turn to the issue of capitalisation ... recapitalisation in general. And I've referred already ... you actually said in your opening statement that it became clear that the banks' managements had differing views on the need for capital in their institutions. Can you briefly outline what those differing views-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay. I was just going to turn to the Bank of Ireland question because we have minutes - and I've referred to them in evidence - from Mr. Cardiff from 13 and 17 October 2008, where they were discussing at board level that ... the need for a taxpayer injection - actually, not just a recapitalisation but a taxpayer funded one - and on 17 October, one of their minutes said "it would be...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: They didn't, like, in their initial discussions with you say that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: -----or flag it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: I now want to turn, actually, briefly - because my time is getting brief - to your previous role in relation to the IFSC from 2000 ... or 1998 to 2003, I think, you were involved-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: -----in that function. There's an oft-quoted article by my colleague Deputy Higgins, which he didn't refer to today, from The New York Timesin April 2005 - which admittedly was just after you would have left the role; it would have been referencing the time that you were there - when they described the IFSC as "the Wild West" of finance. Was that a fair description of what...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Where do you think that they, I suppose, drew that from exactly?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Was there a reaction in the Department of Finance to that comment from-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay, that's fair enough. I now want to turn actually briefly to Mr. Moran. Mr. John Moran, the previous Secretary General we've had in giving evidence already. He in many respects was one of the first outsiders, maybe the first one, to become Secretary General of the Department of Finance. How would you define his period as Secretary General? And did the Department operate in a...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Finally, I want to refer to e-mails which were covered in the Irish Independent on 9 June 2015 from Patrick Honohan, where he wrote to you to make sure that subordinated bondholders in IBRC would not receive payment after the liquidation. That was the tenor of what was covered in those reports. You held a different view, it seems, or can you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay-----