Results 3,381-3,400 of 7,082 for speaker:John Paul Phelan
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
John Paul Phelan: And they have a legitimate question as to people who got substantive pension payments. And this is a unique, slightly different, topped-up pension and I want to know how it came about. That's all.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: Thank you, Chairman. Mr. O'Reilly, you're welcome.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: It's not mine.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: A couple of brief questions. And to start ... to continue on from where Senator O'Keeffe asked about directors, can you outline for the inquiry the system that existed within the regulator during your time for reviewing the skill sets required for both executive and non-executive directors of banks that you were regulating at that time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: Well, some jobs are a bit different than that. You said also earlier, in answer to one of the previous questioners, that you felt that - and I don't want to misquote you - but I think you said non-executive directors were being led by executive directors. What did you mean by that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: Okay but did you have specific examples?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: Okay. I want to refer now to core document Vol. 1, at page 45, I think, the annual report-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: Vol. 1-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: -----page 45. Yes, it's the annual report from 2003. It's a reference in the middle of that middle paragraph about aggregate private sector credit: ... aggregate private sector credit increased strongly last year - the increase ... being almost 16 per cent - and the rate of increase has accelerated into 2004. There is clearly a limit to the extent that borrowers can sustain rates of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: It's on ... the annual report of 2003.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: My time is limited and I don't want to cut you short but I get what you're saying. But that ... would you characterise that as a warning or a flag, at least, that there was a bit of an issue with private sector credit in 2003?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: Well in ... Mr. O'Reilly, in the three subsequent years private sector credit increased by over 30%. Can you explain for the inquiry how, when the organisation that you were chief executive of - in an annual report - had made this ... raised this concern in 2003, that not only does it appear no action was taken to remedy the situation but that the ... the situation got worse to the tune of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: You made ... in the very first set of questions Senator Barrett asked, you made a statement which I think many people watching would find extraordinary and I'd ask you maybe to clarify it if you could. You stated that "during my term of office we were searching around for a method to dampen credit." Now, I think people would have expected that the chief executive of the regulator would have...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: You ... but you were a member of the joint board-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: I have only two and a half minutes left and I want to keep it short-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: I understand ... I understand that and I accept that but I'm just saying ... and I understand that interest rates ... that facility was lost. But there are other methods you know, loan-to-value ratios-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: -----and income multiples and other methods that could have been used that just weren't used, despite the fact that in 2003 this was flagged in the annual report of the Central Bank as an issue.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: Why did it not happen? And, outside of yourself, why did no action come from this?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
John Paul Phelan: Do you have anything to say to people who borrowed in those years who are now struggling. Like, there's a lot of people, potentially even watching here now-----