Results 501-520 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Well, how did the 45% so badly prepare the Government for the eventual bill that came in? You know, you were talking about-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: When you went to Atlas 3, that was having property people on board ... wasn't that right? Were they too optimistic about how property values would ... would fare in Ireland?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: When you were looking at things like sectoral concentration and borrower concentration and so on, when you were looking at the banks, did you come across bank records which were short of what you would regard as optimal?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Because that was a NAMA complaint ... was ... when they ... why did NAMA have a 61% discount on one of the banks? Because they found record-keeping was poor. Was that something which a normal audit might be expected to discern in banks, whether their record keeping was good?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Should there have been closer contact between the auditors and the regulators?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: The lessons of this crisis for reforming the relationships between the auditors and the clients. Could you give us some views on those?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Does auditing and the relationship with the clients ... does auditing itself need to be reformed? Have we learnt lessons from what happened us in the years up to 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Thank you for that. Thank you Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Thank you, Chairman, and thanks to again to our visitors. On page 5, the losses and the scenarios - that's in our core volume - you mentioned you'd gone as high as 45%. Was 50% or a higher number considered?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: And in those discussions, who would've been pushing for higher numbers and who for lower numbers, say, between the Central Bank and the Financial Regulator and the NTMA and the Department of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: So nobody had more input into those ranges than anybody else at the meeting, that you can recall.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Could I just have one other quote in the written submissions to us by Professor Niamh Brennan. She says at 7.13, "Accounting is highly judgemental". I'll just give you the quote if I may:Many observers of the banking crisis will wonder how bank financial reporting turned out to be so wrong. The problem with almost all accounting information is that, while it has the appearance of precision...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: You say in your own-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: -----submission on page 8, I think it's about the third last paragraph, that "Changes have been made since but, nonetheless, [those] were the prevailing rules and notwithstanding one's view of their fitness for purpose, they were required to be applied." Is that what has us investigating the €64 billion, do you think, relentless applying of rules which we now see were flawed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: I think that was Mr. O'Connor's, but never mind, yes, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Thank you very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Thank you, Chairman, and welcome to Mr. Gray. You're saying that you don't take a fee from the Central Bank and you provide your economic advice free. I mean, how does that work in the sense that ... does your company lose every time you're spending a day or two at the Central Bank? Is that the consequence, yes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Okay, thanks. Now, on the Central Bank, you joined in January 2007 and the crisis happened in September 2008. So, you had about 20 months. Could you describe your experience? Did you see it building up or did it all happen at the very end in a crisis situation, or could you see it building over that 20-month period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Were you the only contrarian on the board expressing those kinds of sentiments?