Results 3,241-3,260 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: So, was there-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: That's fair enough. The fact that they were using, to use your own term, sensationalist language in this document, was that an attempt by them to ... or was it ... or was it not - I should ... I can't ask a leading question - to highlight that there was pressures building in the Irish economy that should be acted upon?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: I want to refer again in relation to the OECD, to the evidence by Mr. Tom O'Connell, which he gave to the inquiry a few weeks back, and it was in relation to the way OECD and sometimes IMF, but it was specifically OECD country reports were produced. He said: We would be discussing or interacting with the IMF and the OECD, in particular with the OECD country reports, it was embarrassing....

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: Now I want to turn to the ESRI quarterly commentary from the summer of 2007. It was referred to in the Honohan report, I think page 84. Morgan Kelly, in an article which was published in it, argued that most house price surges had ended in a fall of at least 50% in values. Furthermore, he went on to say there had been no quantitative, analytical evidence provided from the Central Bank, I...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: It was, kind of, given that there was options for want of a better term. But there was still-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: Yes, but the dominant hand, was the soft landing hand.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: On the other end ... on the value end?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: My time is very short now and I have just one more question that I want to get in. Really what I'm asking you, Mr. McCarthy, is, there's very little evidence, from looking at other countries in particular, whether in the European Union or outside of it, to support the soft-landing scenario, and yet ... and I'm talking about the value soft landing scenario, not the reduction in units...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: So was Japan the only example that was looked at?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: Was there enough of that analytical research and comparison done with other countries closer to home maybe than Japan?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: I have a minute and 20 seconds to bear with you and I have one more question that I have ask, so I can't really-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: -----well, if you can be very brief.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: And is that what the Department of Finance at the time was-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: Okay. I need to turn to one more area, I've a half a minute left. Comments from contributors to the Wright report indicated that there was a lack of leadership and direction in the Department of Finance during 2000 to 2010, and its effectiveness was limited. Would you agree with those comments? And I'd ask you finally what should have been done or is still to be done to improve the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: Well, is there anything to be changed in the way the Department is run that, you know, the recommendations for changes in the Wright report that hasn't been implemented or-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: Thank you, Chairman. Mr. McCarthy, earlier, when I was asking you about analysis of other crashes, you referenced Japan. Can I ... as the chief ... or one of the countries that have been examined, why were we analysing a country with an independent monetary policy, given that our own monetary policy is exogenous and, you know, it's a complete difference from Japan, I suppose? And,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: But they're not bound, in a sense.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

John Paul Phelan: You gave that as the major, kind of, reason for that thing.