Results 761-780 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Because wouldn't the cost base have been much lower, almost, as you say, a financial introductory service of new teachers to existing teachers and guards and so on? I mean, we have some executive pay of €700,000 a year, somebody getting €1.87 million departure money and so on. I mean, did the EBS lose the run of itself in that ... in the model it was adopting compared to its...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: The movement to wholesale funding away from deposits, was that regarded as a risk from what you've found looking at how the society was evolving?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Then, just arising also, the ... November 2008, the treasury department looked for an increase in the lending lines to the other covered banks in order to invest in their unsecured debt. Was that, sort of, the green jersey agenda that was spoken of at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: No, let me repeat that. It's November 2008, the treasury department looked for an increase in the lending lines to the other covered banks, in order to invest in their unsecured debt and to have them reciprocate. Was that the green jersey, kind of, agenda? That is in Vol. 2, page 105.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Also in your ... the paper that you sent us, there's an interesting item as part of the reforms when you came in, "An external firm was appointed to manage abandoned properties." With so many empty houses built during the Celtic tiger era, your experience will be of interest, I think, to me certainly.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Okay. Could I refer to ... there's a contrast, isn't there, I think, between what was called light-touch regulation but in fact, a fairly substantial level of adverse findings, over a long number of years, by the regulator where EBS is concerned. In Vol. 2, page 175, there is a letter, I think in 2003, pointing out this. And they go right up to 2008, so there seemed to be a period, a long...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: And yet as you go on to page 49 of Vol. 1, and this brings us to 2007 I think, yes it is. Where there's a very strong letter from Yvonne Madden of the Financial Regulator to Mr. McGovern, and by my count there are 85 adverse findings and 93 recommendations and, you know, around page 63 there's ... 63 and 64, there's just adverse finding on top of adverse finding - no evidence of assessment,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: -----no evidence of assessment, no details to explain the increase, no verification of income. So, the fact that this was four years after the 2003 letter, was the society lax in responding to the regulator? What was going on? Because this ... that, and another one in 2008 that ... there's a very high level of adverse finding from the regulator and a very high level of recommendations,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Could I look at page 95 in that volume, if I may? This was, I think, in the early days of diversification. It's a board minute of 31 May 2002 and there were approaches on that page - "Go for Broke" or "Toe in the Water". And when you turn over, the commercial property market, which was what they were going into, the document itself says "Annualised [...] returns over the period 1990 to date...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: On page 126 - thank you - on that volume-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: -----there's the plan ... the "Key Business Drivers Behind the Plan" ... "Tracker mortgages will account for an increasing proportion of business - rising from 5% today to 60% by 2008." Did they misunderstand the nature of tracker mortgages, given what we now know?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Could I refer to the bonus culture, if I may? Now, that's on page 139 of Vol. 2, and it's also flagged on page 157 of Vol. 2. In 2008, €464,000 was paid in bonuses, albeit on the performance of the previous year, but the society was loss-making in 2008. Was it ever suggested that bonuses should not be paid?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: The index page for page 157, and thank you for that, in the volume, says the "need for retention bonuses for senior EBS staff - May 2011". But when you get to page 157 it's virtually entirely redacted. Were any bonuses paid?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: It's strange that that was redacted, I thought it would be the other. But thank you for that. The first offer, I think in 2007, from AIB to buy the EBS, what was the sum that was being considered for that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Thank you very much. Thanks, Chairman, and thanks for your assistance.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Thank you very much. What was the fee for a non-executive director, say, in a recent year?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Yes, and how much were the ... what was the audit fee then by comparison?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: Because I'd contrast ... I mean, did the auditors report anything of what we've been discussing in these number of days about the EBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Sean Barrett: And yet we saw a company, you know, be sold for a ... €1-----