Results 3,201-3,220 of 7,082 for speaker:John Paul Phelan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: No, I'm asking the question. €11 billion was saved that the banks could then lend multiples of in the years ... in the years preceding the maturity of the SSIAs, which were the key years-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: I know that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Building societies.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay. In November 2000 your own officials, according to a memo revealed to The Irish Timeson 6 May 2002, stated the following about the scheme, and I want to quite it directly, "Given the uncertain effectiveness of tax incentives for savings, the potential cost and significant deadweight, the provision of tax relief for capital investment in medium-term savings schemes is not recommended."...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: No, but I'm talking on the basis of no analysis. Who was advising you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: We know from evidence today, by the way, that one of the senior officials in your Department at the time, Mr. McNally, said that he didn't take one out. Were there any senior officials who advised you to introduce the scheme at the time, yes or no?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: Okay. I have a question that I must ask you before I finish.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
John Paul Phelan: In your view, did the macro-prudential fiscal strategy agreed by Government reflect the emerging risks and challenges to the economy between 2000 and 2004?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: Thank you. Chairman. Welcome, Governor. At the start actually can I just refer briefly to a question from Deputy Murphy about exposure of individuals to several institutions? And you were adamant in your response that it couldn't happen again and we've had a lot of evidence that, you know, several property developers, in particular, were seriously exposed to a number of institutions. Can...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: Okay, I understand.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: That wasn't the issue and I suppose I'm asking you maybe to give your professional opinion on those exposures that existed and the failure of the previous regulators to identify that as a critical shortcoming. I mean, how did that go under the radar in your opinion that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: I want to change tack and ask you briefly again to advise the committee on measures that were taken by the banks, the Central Bank, the Government in the period post-guarantee and pre-bailout by the banks to privately get access to capital. We haven't had much information as to what happened in that regard.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: I also want to ask you in relation to your report from May 2010, on the crisis, you refer to the night of the guarantee and the lead that the Department of Finance had been taking in the inter-agency meetings during the period immediately prior to it. And you refer to the Central Bank and the regulator as playing a less central role than may have been expected. Do you have any further...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: Speaking of using the expertise of the NTMA, I'm not sure if you've followed - I'm sure you haven't followed all of the evidence, you've probably a lot more to be doing than following all of the evidence of ... heard at this committee, but what do you make of the decision or the failure, I suppose, on the night of the guarantee, to have the NTMA consulted, seeing as their, you know their...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: Okay. Can I then turn actually to another area that we've had a fair bit of evidence in the last couple of days, the production of IMF reports and OECD reports, going back to your own early days working in the IMF. We've had evidence and I think it was Senator Barrett yesterday touched on it a lot in his questioning of Mr. McCarthy, the tick-tacking that occurs between the Department of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: It was the OECD, okay, yesterday. And, that corrections were made by very senior officials in the Department of Finance and for instance the IMF, in its initial draft report, had said that there should be some sort of a resolution mechanism established. A line was put through it, delete written beside it, and sure enough, when the report, the final report, was published it wasn't contained...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: You would place-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: Thank you, Chairman. Good afternoon, Governor. I have a few ones at the start, kind of, like questions that you might have set yourself, maybe, in a previous life. I'd ask you to discuss ... there's a quote from Vol. 1 of the core documents, it's an IMF survey, 19 December 2013, "Ireland's Economy Back from the Brink, But Continued Progress Needed". The quote I want to put to you is this...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: Has there been anybody who has had the opportunity? I am not enquiring for names, who-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
John Paul Phelan: Similar to politics in some way then.