Results 541-560 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: And you told us earlier that Bank of Ireland was the only banking client?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Okay. And the Department of Finance and the Taoiseach's Department, were they clients of yours?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: So you didn't have a conflict of interest?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Just the last one then. When Mr. FitzPatrick and Mr. Drumm came to see you, were they trying to get you to assist in the sale of Anglo?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Okay. Thank you very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Thank you, Chairman. Thanks for coming in, Mr. Browne. The Anglo annual report for 2007 on page 3 shows that over the period 2002-7, profit before tax increased by 376%, earnings per share by 363% and total assets by 398%. Do you think that these levels of growth were prudent or sustainable in the context of the level of competition in the Irish lending markets during that period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: I'll give it to you again. I must have spoken too quickly. The Anglo annual report for 2007 shows that over the period 2002-7, profit before tax increased by 376%, earnings per share by 363% and total assets by 398%. And then the question was: do you think that these levels of growth were prudent or sustainable in the context of the level of competition in the Irish lending market during...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: And then were those levels of growth ... do they imply that the pursuit of growth was affecting credit quality and lending standards?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: In Vol. 1, page 37, Mr. McAteer and Mr. Moran sent a memo to the board in 2007 - "High growth banks seldom die of old age". They say, "A key balancing act for us is to impress upon the market that Anglo's growth is delivered in a measured and conservative manner, without loosening our credit standards." Isn't your evidence to Deputy Doherty and Deputy Higgins that there were 92% exceptions...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: But didn't Davy Stockbrokers and Merrion Stockbrokers in early 2007 and about a year later put the shares as overvalued by two thirds?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: And a reflection that this model was unsustainable because it was based 88% on property, following a property boom which was ... when the bubble was bound to burst, wasn't it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: But did you ever get your lending share to industry even into double digits?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Did you ever get the share of the loan book in industry above 6%, 7%, 8% even? It was 88% property. You were a monoline bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: And were you aware of the literature that, you know, fast growing banks as the quote that they gave at the board meeting-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: They do come to an end because it's-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: -----it's not solidly based.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: So were you surprised, after you left Anglo, that it did collapse with 61%-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: -----discount-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: ----- when it transferred to NAMA?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: The St. Patrick's Day massacre, did that cause you to change your views?