Results 3,501-3,520 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: There's questions by Deputy Higgins-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: Okay. Can I ask then, in reference to your ... your evidence earlier today where you spoke at length about the principles-led approach that existed in regulation at the time. And this morning, you said:Trust and reliance was placed on the bank boards; banks should have known. We believed that they were best placed to judge risk. There was trust put in the banks to run their affairs...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: You viewed your role as one of co-operation with the banks rather than regulating?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: The perception of many people, though, would be that it was the regulator's job to regulate, not to place this amount of trust in the boards of banks.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: I have a brief final question. You said in relation to sectoral concentrations that it was a guideline - it was a useful one. That was your ... a direct quote from this morning. And then you furthermore went on later to say that it was allowed to fall into abeyance. We've had evidence from several banks, including Mr. McCarthy, the former chief executive of Ulster Bank, to say that these...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: -----and the fact ... no, no, I'm just making the point that this guideline, which you state was useful, appears in the evidence that we've heard not to have had any use for the general public and for the shareholder in ... as well.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: How was that guideline ... I just want to push that point.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: How was that guideline that you said was a useful one ... we've only had evidence that there was letters written by the regulator, and we've had evidence that the guideline was breached. Who was it useful for? That's the point.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: Thank you, Chair. At the start, Mr. Neary, good afternoon. Just to continue on from Deputy Doherty's question in relation to that "Prime Time" interview and that quote, which I won't read back to you, but whose responsibility was it to have you informed on the night in question before you went on "Prime Time" to make that statement? Bearing in mind that it was a matter of just a few weeks...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: How do you explain then, that subsequently it transpired not just not to be true but to be spectacularly incorrect?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: But I suppose the point I'm trying to make is that you made that statement on 2 October 2008?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: Shortly after the guarantee.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: And within a matter of weeks, the recapitalisation process was fully under way. Do you have any ... do you accept any responsibility for the fact, and I think you have indicated it in your first response, that you should have been better informed of the real situation within Irish banks before making that statement on the night in question?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: Okay. You retired from your position on 31 January 2009. What was the reason for your retirement at the time and was there any outside pressure brought to bear on you leaving this position?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: Can I ask you to comment briefly on your severance arrangements with the Financial Regulator, in terms of the payment and the annual pension provision?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: Do you-----?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: Do you feel that those payments were appropriate?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: Can I ask you to briefly outline for the inquiry how you were recruited into the position of chief executive in the first place?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

John Paul Phelan: You're not aware as to how many other people entered the competition?