Results 681-700 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: The final one. Did you have secret discussions with ILP - it is mentioned in the Fingersbook - unbeknown to Mr. Fingleton, about a sale to ILP?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Sean Barrett: Thank you very much. Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Thank you, and welcome to Mr. Drury. You've referred to the decision to combine the roles of the finance director and the chief risk officer, I think, once as problematic, and actually the first time you said it, it was a mistake. What are your reasons for that point of view today?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: And as I'm sure you know on ... on page 17 of Vol. 1, Nyberg and you would be ad idemI think on that. He says: At this time, Anglo's property-related exposure in Ireland, the UK and the US had grown very significantly, and the need to monitor and manage the attendant complexity and risk had grown proportionately. This decision would suggest that risk management was not appropriately...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Thank you, and he also says in Vol. 2 at page 47, he says: [N]either [IA] the internal audit nor the Audit Committee was in a position to challenge credit decisionsper se, where the main problems ultimately arose. The [IA] internal audit role in credit risk was limited mainly to carrying out inspections on processes such as adherence to terms and conditions of loan sanctions, which it duly did.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: It's page ... sorry it's page 101, there are two numbers there, not to confuse, 101 and it's in Vol. 2.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: And it's where Nyberg looks at the internal audit function.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: And, in particular, it's towards the end of the paragraph. That's the section I'm asking you to respond to. Did you think that those defects existed in the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: -----in internal audit and at the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Yes. Do you have it now?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Could I bring you back to Vol. 1 on page 19 if I may? And it will come up on your screen: Anglo The Risk function in Anglo was inadequately resourced and did not have the conviction necessary to ensure compliance with credit policy. [...] The Board [therefore] lacked an internal, robust source of risk assessment and external feedback. He also raised the issue which Deputy John Paul...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Because he says there, "The lack of adherence to good credit standards was manifest with exceptions to policy a frequent occurrence."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: That's page 19, yes-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: It's paragraph 2.9.6 and it's headed Anglo.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: I think it's come up on the screen.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Yes, Nyberg.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Because he's very strong on-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: -----"the lack of adherence to good credit standards was manifest with exceptions to policy a frequent occurrence".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: Where would the ... some of the correspondence from the regulator which he has doubts about, where would that have gone? I mean, I presume would that go to the company secretary or to the chief executive?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Sean Barrett: I've run out of time but Ireland should emulate Switzerland I think is what you're recommending then, would that be right?