Results 3,561-3,580 of 7,082 for speaker:John Paul Phelan

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

John Paul Phelan: -----the Irish regulator of which you were chief CEO at the time?

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

John Paul Phelan: I think he's saying even more than that in that comment. Finally, I just want to put it to you that ... or do you accept, I suppose that the question I'm asking, that there is a public perception that a combination of bankers, developers, politicians, regulators and others, have made decisions or not made decisions as the case may be, which have cost the taxpayers billions of euros, but that...

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

John Paul Phelan: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Thank you, Chairman. Good morning, Mr. Grimes. In the period after August 2007, while you were director general and deputy governor of the Central Bank, what was your ... what direct responsibilities did you have in those roles for specific areas within the Central Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: When you say financial stability - indirectly - what do-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay. Did ... in evidence last week with Mr. Hurley, reference was made to the memorandum of understanding between the Central Bank and the Financial Regulator in terms of responsibilities, and it emerged that responsibility for overall financial stability rested with the Central Bank. In that capacity were there any decisions taken or discussions had in the year, we'll say, the 12-month...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay, again, my time is slightly limited. I'm really trying to find out were there any specific decisions that were taken in that period, which would fit into the realm of overall financial stability, in light of the provision that existed in that memorandum?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay. Can I refer then specifically to that period? I think in answer to a question from the Chairman at the start of the meeting you said that "We had been tracking very carefully ... for more than one year" the liquidity position of all banks.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: When you say "we" I assume you mean the Central Bank. Who, whom within the Cental Bank was doing that tracking? How many people; what were their levels; and were they specifically dedicated to that task for the 12-month period in question?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: In operation.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: How many people were in that section, can you remember? Do you know?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay, and in terms of those ten to 12 people then who were specifically looking at this area of tracking liquidity, did any reservations emerge, or any information come to light in the course of that 12-month period that indicated that it was more than a liquidity issue that faced the Irish banks in the fall of 2008?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Why not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: But there was no stage that alarm bells rang that it was more than a liquidity-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: -----issue?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Do you view that now as a failing, with hindsight? Or how do you explain that subsequent to September 2008, in the early part of 2009 major cash injections had to be provided for all of the domestic banks to varying levels?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

John Paul Phelan: Do you accept with hindsight or not that that was a substantial failing of the operation of the Central Bank at the time, and particularly with its overall responsibility for financial stability?