Results 3,181-3,200 of 7,082 for speaker:John Paul Phelan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Do you believe that there will be sufficient funds from the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay. I have almost a minute left and I'll ask briefly, because I note from your CV, the brief CV that we've gotten, that you were previously a member of the board of ACC.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Yes, I'd just like to ask you, that it's ... do you believe that its corporate governance structure differed in any significant way, I suppose, from the other Irish financial institutions, the principal banks that we're discussing at this inquiry?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Thank you, Chairman. Good afternoon, Mr. McCreevy. I have a lot of questions so I'll be brief and I hope you can ... you can be as brief as you can, too. I want to start, maybe continuing on from Deputy Higgins's earlier question in Galway. Core documents, Vol. 2, page 92, if you can find it there. Page 92 of Vol. 2. It's a letter to you from the then chief executive officer of EBS,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Yes, it refers to a conversation, sorry, a conversation from 2 August.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: It's on the opening line. 2 August 2000 was the Wednesday of ... of race week in Galway. It must be one of ... it might be one of the years that you were at the races in Galway-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay. I want to refer to the contents of the letter. And it's, as I said, signed by the head of lending with EBS, it's in relation to the SSIA scheme. And in it, Mr. Walsh appears to state that the origin of the SSIA scheme came from that conversation that he had with you at the Galway races on 2 August 2000. Is that how you remember the genesis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: This is 2000 now.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: The following pages-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Yes. It's the first ... and I'm not trying to cut you short, but I'm down to seven minutes. It's the first document that I have found relating to the SSIAs. Now, many people might wonder what impact the SSIAs might have had on the ... the banking collapse but, I just want to ask you, what analysis ... like, cost benefit analysis was done, either by yourself or by officials or by anybody...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Sorry, I've asked you what analysis did you do or did your officials do, before-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: And that's fair enough. And I'm not asking you about post-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: I'm not asking you about post.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: No, I haven't.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: I'm not even sure where it is. Probably spent it on an election. Can I ask you, Mr. McCreevy-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: You see, this is ... this is the kernel of the questions that I want to ask. You said, at your own admission, you were calculating how much it cost the Exchequer, it would have resulted in €11 billion to €12 billion being saved.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: But that was core tier 1 capital for the banks, that they were able to then lend multiples of into the economy. Most of which, we've had evidence from several witnesses, at that time was being lent to property. Whether to developers to build property or to individuals or businesses to buy either commercial or residential property. And I just want, no ... and the question I want to ask you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Well, I want to ask the question first ... and not have any analysis as to the impact that it would have on lending? This is the SSIA ... you can have daring views as to its impact. You said it had a counter-cyclical impact. It might have had in the short term, in the longer term, because it was a five-year scheme, it arguably didn't have a counter-cyclical impact because there was an...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: I am not disputing the short-term effects. But what I am arguing is that this put €11 billion into the banks.