Results 3,581-3,600 of 7,082 for speaker:John Paul Phelan

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

John Paul Phelan: But you don't accept any responsibility-----

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

John Paul Phelan: -----for the subsequent developments?

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

John Paul Phelan: Can I ask you briefly then what are your views with regard to the changes in the regulatory structure following on from the Central Bank Reform Act in 2010? And do you believe that the new structure will help-----

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

John Paul Phelan: -----to prevent such a similar crisis happening in the future?

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

John Paul Phelan: My final question: in evidence last Thursday Mr. Hurley said the following: "In fact, in the course of the crisis, because we had a smaller banking system, and because we had developed very close links with the banks, particularly in the type of meetings I referred to earlier ... my assessment is we had far more information than some of the larger countries where the logistics were much more...

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

John Paul Phelan: Thank you, Chair. Good afternoon, Ms Burke. I've a couple of brief questions. Firstly, I want to refer to your opening statement and I must confess I don’t have the page number but it’s a direct quote.

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

John Paul Phelan: I have the quote here. I just want to read it out.

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

John Paul Phelan: You’ll be familiar with it. "While work had been initiated in other areas such as directors’ compliance statements and a corporate governance code in 2004 and 2005, this did not lead to their imposition on the industry." Why, in your view, were those compliance statements not introduced? And do you have a personal position as to whether they should have been introduced then?

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 have a view as to whether ... I'm sorry to be rushing you but my time is nearly up now already.

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

John Paul Phelan: Do you have a view as to whether it should have been introduced as originally proposed?

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

John Paul Phelan: To turn to another area, I want to refer to evidence by Mr. Gleeson, the former chairman of AIB. When he came before the inquiry, he said ... it's in relation to sectoral lending limits: [W]e would have been very well off not to have exceeded that sectoral limit. It's a great shame that we didn't. Do you have a view, yourself, from the position of the regulator as to regret or otherwise...

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

John Paul Phelan: Specifically on sectoral limits?

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

John Paul Phelan: I want to put one other brief quote. Mr. McCarthy, the former chief ... or the chief executive of Ulster Bank, in evidence to the inquiry said, "There was a sense that [the sectoral limits were] honoured more in the breach than in the observance." Do you accept that that culture may have existed within the banks at the time as regards the sectoral limits?

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

John Paul Phelan: Okay. Can I ... I've a minute left and I've a few questions I want to run through. Do you remember identifying ... following on from Deputy ... or, Senator MacSharry's questions, identifying breaches that occurred, that your unit identified, that weren't pursued owing to lack of resources or owing to this sense that you expressed that, you know, such pursual wasn't what was sought by the...

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

John Paul Phelan: Broader ... outside issues.

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

John Paul Phelan: Okay ... yes ... I just wanted also then finally to ask, outside of - and I accept your statements that you sought additional staff yourself ... did you yourself or anybody else that you're aware of on the seventh floor, to use that phrase, seek to have legislative change or regulation ... regulatory change that would allow you to use, in your own words, you know, that ability to follow...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 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 afternoon, Mr. Horan.

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

John Paul Phelan: I just have a couple of questions. Firstly, I want to ask you to outline for the inquiry was there any internal guidance system or manual in operation as to how the regulator would handle breaches of principles or other regulatory breaches?