Results 4,141-4,160 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

John Paul Phelan: Mr. McDonald made a point on lending levels in France and other countries. Does the witness think the thresholds announced recently by the Central Bank, on levels of deposits required by people purchasing property, would have been useful had they existed prior to the financial collapse?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

John Paul Phelan: That is fair enough, Mr. McDonald is not the first witness to express that view. Does he believe the funding mechanism which existed for local government prior to the collapse had an impact on some of the zoning decisions mentioned in his earlier evidence, and an impact on the subsequent collapse? Does the witness have a view as to how local government might be funded properly?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

John Paul Phelan: In his statement and in much of his writing the witness focuses on the relationship between developers, builders, government, politicians and decisions which were made. Does he believe a wider constituency of people and professions outside, including the media itself, were willing participants or beneficiaries of the explosion in house prices prior to the collapse?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

John Paul Phelan: Partly, but I am just asking the witness for his own view.

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

John Paul Phelan: Did the witness voice those concerns himself internally at the time? Did he express those views?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

John Paul Phelan: I know he was writing publicly, but did he express those concerns internally?

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

John Paul Phelan: I want to change tack because I do not want to put the witness personally on the spot about his own views. We had Dr. Peter Bacon in with the committee last week. He is the author of some very well known reports on the housing sector. He is of the view that the property market in Ireland was too much dominated by internal forces. He expressed strongly the view there were not enough...

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

John Paul Phelan: I have two brief final questions. In his book The Builders, co-authored with Kathy Sheridan, the witness details the careers of many of the largest developers and builders in Ireland prior to the crisis. Can the witness outline briefly how he would describe their approach to business? Does he believe that their entrepreneurial approach had an impact on the subsequent boom in prices and the...

Committee of Inquiry into the Banking Crisis: Context Phase (12 Mar 2015)

John Paul Phelan: Was there an appreciation among those builders and developers of the risks they were taking on, particularly towards the end of the boom period, in terms of the huge sums of money that were being borrowed, often from multiple institutions, as Mr. McDonald mentioned? Or was there a belief, as he touched on in his statement, that this was just going to continue, that these people had always...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: Does Professor Farrell believe that a more effective Oireachtas could have reduced the cost of the financial crisis to the citizens of the country or reduced the burden of the financial collapse on the people?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: Earlier, Professor Farrell said rushed legislation was bad legislation. On the night of the bank guarantee, legislation was rushed through. I got my speaking slot in the Seanad at 5 a.m. and the then Minister, the late Brian Lenihan, was there for the duration of the debate. Notwithstanding the impact of the legislation, in certain circumstances is rushed legislation necessary? We might...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: In response to a question by Deputy Michael McGrath, Professor Farrell said committees should be representative of party or grouping strength, but added that it was unfortunate that the Government would always have a majority. If a committee is to be representative of the strengths of groups and the Government is a majority Government, as a matter of course the Government will always have a...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: Professor Farrell has clarified it. Article 28.7.2° of the Constitution provides for Senators to be appointed to the Cabinet. Why has the provision been availed of only twice in the history of our current Constitution?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: He was a retired Senator.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: Professor Farrell pointed out Deputy Eoghan Murphy's interest in the Whip system. The system that operates in many other countries, principally our neighbouring island, allows for a more relaxed form of whip, and that the whip is relaxed depending on when the party whips decide on issues. When I was first elected to the Seanad, 12 years ago, every week we were told there was a three-line...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: Following Deputy Murphy's question on whether access is influence, Professor Hardiman spoke about exceptionally easy access for certain groups. Is it not the case then that access is an example of the political system we have in Ireland? Professor Hardiman and Professor Farrell outlined strong support for the method of election, and different interests have exceptionally easy access, to use...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: Professor Hardiman outlined in a number of answers that in her opinion too much consensus existed in the political system, and perhaps in other institutions and between institutions, in the lead up to the financial crisis. Professor Farrell emphasised in many of his answers the need to move towards what he described as a more consensus form of politics, and that we did not have enough of a...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: In her presentation Professor Hardiman emphasised the role of groupthink in the difficulties in Ireland, and she also mentioned the Nyberg report. Has she found examples of groupthink to the same level, or any level, in other EU countries which experienced a financial crisis at the same time as that which hit Ireland? Has she studied this?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: I want to go back to Senator O'Keeffe's question about the publication of the letter. There were two parts to the letter of 12 April, first, a clarification of a question the Chairman asked about the roles of the Governor prior to 2008, second, correction of the record as the professor saw it. Does he think it was appropriate that most of the members of the committee first knew about the...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Mar 2015)

John Paul Phelan: I am not trying to be critical but given that the first part of the letter was an answer to a question that the professor felt on the day he could not answer and was evidence for the inquiry-----