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Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Sean Barrett: Has Irish banking been able to move away from its property fixation? I mean, we'd some numbers, Minister, that 8%-9% of some of our pillar banks, of their investment, was in industry and agriculture combined and multiples of that into property. Can you turn them around to make them more interested in developing the wider economy?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Sean Barrett: Good.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Sean Barrett: Were there codes for the relationship between bank regulators and banks, you know, and what should they be? I mean, one model might be that the bank regulator should be hated by the banks because he is controlling them in the public interest, and not be seen as part of the bank industry. When Governor Honohan gave notice that he was leaving, the headline was "Top Banker Quits". Well, he's...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Sean Barrett: In your reply to Deputy Doherty, you mentioned the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Sean Barrett: Thank you, Chairman. The 39 economists that Mr. Wright found and contrasted it with your opposite number ... Jim Flaherty had, in Ottawa, a much larger complement. I mean, we have a document that's circulated to us today which shows 39 masters in the economic section and one PhD, so it's almost the same as the number that Mr. Wright wrote about-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Sean Barrett: It's the table on page 18, Minister, and thank you very much. And thank you, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: Thank you very much, Chairman, and welcome to Mr. O'Connor and Mr. Walsh. I echo the Chairman's earlier welcome to you. In your statement, you state that PwC's role in many of these meetings was to obtain, analyse and summarise information from the banks. What was the response to PwC on liquidity, loan exposure and provision of assessments to ... from the other participants on the 28...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: And how did they react, Mr. O'Connor, when you informed them of your opinion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: Because you only had - what nine days, wasn't it - to come up with all that information? I think you said the first meeting was on 19 September and you ... and you reported back to them on the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: -----on the 28th.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: And, I mean, we would've had in earlier evidence concerns about the St. Patrick’s Day massacre and, you know, knowledge about the CFD purchases and so on, so I’m really trying to find, you know, did they need you to confirm what they already knew or were they surprised when you submitted your report?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: Was there a sense of urgency?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: They were really worried by that state.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: And, were there views expressed by IFSRA that you can recall from those meetings?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: Yes. The Department of Finance, what contribution did they make to those meetings?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: The NTMA had concerns about putting any of the pension funds on deposit in Anglo. Was ... did they feel vindicated or did they say anything to that effect?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: Yes, but what was their contribution because they seem, within the public sector, it was seen as somewhat further away, I suppose, than some of the other bodies that you were meeting with.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Sean Barrett: And the Taoiseach's Department, were they represented on that ... on that group that you reported to?

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