Results 4,181-4,200 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: Which one?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: I have a couple of questions about NAMA. Will Dr. Bacon give a brief outline to the committee about the events that preceded his report which I think was commissioned by the National Treasury Management Agency at the time? How did Dr. Bacon come to conduct that particular report?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: Was that a public tender process?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: The Minister at the time, being the late Deputy Brian Lenihan.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: Where and when did the Minister approach Dr. Bacon?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: Dr. Bacon is an economic consultant. I do not want to ask a leading question.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: Would it have been commonplace that a Government contract like that or a commission to do a report for the Government would have been done through private conversations rather than through the usual channels of tendering?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: We might get an opportunity to ask that question as well later. At the time that Dr. Bacon was conducting that particular report prior to the establishment of NAMA, did he have any commitments to financial institutions or property companies?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: I want to put a quote to Dr. Bacon from the first page of his report prior to the establishment of NAMA: "As regards their property loan portfolios, the six guaranteed credit institutions face cumulative economic impairment on their land and development loan exposures and associated property investment loans of around €34 billion on loans outstanding of €80 billion to €90...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: How did Dr. Bacon arrive at the estimated figure which was on page one of his report?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: In more recent times Dr. Bacon seems to have changed his opinion on NAMA. I think in 2012 he said that it was not reaching its potential and that maybe a different course of action should be taken

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: Will Dr. Bacon outline what caused him to change his view?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: Dr. Bacon used the word "ethos". What does he mean by that?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: This is my final question on NAMA. It was widely said in 2009 that it would provide banks with additional collateral that could be used to borrow from the ECB. Given that excessive borrowing from the ECB played a key role in triggering Ireland's bailout, what is Dr. Bacon's assessment of the 2009 solution, which related to liquidity problems as opposed to assessing the size of the solvency...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: My last couple of questions are on the guarantee. Dr. Bacon is on record - in the The Sunday Tribuneof 23 January 2011 - as stating that he recommended to the Minister for Finance in March 2009 that there should be an early review of the bank guarantee. I ask him to outline the nature of that recommendation.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: If Dr. Bacon's advice had been adhered to, how could the guarantee-----

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: In regard to the need for an early review-----

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: What impact did that have?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: Fair enough, but Dr. Bacon is a keen observer of everything.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

John Paul Phelan: I have three brief follow-up questions. I want to get something straight on the figure of €34 billion. Dr. Bacon stated he had access to information that was in the public domain and in Central Bank bulletins. Did he have access to any information from the Financial Regulator or Department of Finance?