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Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Sean Barrett: -----after all these audits. I'm surprised, as a non-auditor, that they weren't better informed about what was happening to the company when they were auditing the books.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Sean Barrett: In other areas of commercial activity, would auditors draw the attention of a shopkeeper that your newspaper stand's not doing well but you're doing really well on ice cream or do they just add up numbers and head off on their merry way, kind of thing?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Sean Barrett: The contrarians. This organisation seems have been particularly anxious to shut down contrarians. We've two case studies in our papers. One was here today and the other ... why was that? Would they not have diversity of ideas, good discussions and so on?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Sean Barrett: Thank you very much. Thank you, Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: A Chathaoirligh. Just while you mentioned shredding, Taoiseach, are there any records of the night of the guarantee electronically or otherwise still around in the Taoiseach's Department?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Yes. Mr. Dermot McCarthy-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: The thought I had ... throughout there, Taoiseach, was from Mr. Dermot McCarthy, the former secretary, who did raise the prospect that there were some material, perhaps on electronic records, from the night of the guarantee. That's why I asked you that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Thanks, Taoiseach. And the top of your page 5, in your introductory remarks, you said, "the absence of any requirement at that time to conduct and publish cost benefit analyses on tax shelters and major infrastructure projects and to subject all major expenditure programmes to regular review;". And indeed Mr. Bruton says, "questionable project selection". Can we bring forward the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: But the Wright report did draw attention to the ... an expertise deficit in the permanent Government, and will this be addressed by the Government economic service?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: And how would you integrate the Oireachtas into that process, Taoiseach?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Thank you very much. Tá an t-am thart. Thanks Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Thank you, Chairman, and welcome to our visitors this afternoon. As Deputy Rabbitte is, you know, one of the most distinguished parliamentarians around here over the years and ... should the whole light-touch regulation just be kicked away down to the far field, in that we've never brought in legislation - I'm only here one term - that has no penalty and there's no legislation that says no...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Could I ask the Tánaiste, in relation to her own profession, don't we need a far sharper approach to accountancy? It mystifies me how much accountants missed, coming in here saying a bank was solvent in June 2008 and they were all in to Brian-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: So, should accountants be reformed, particularly based on your knowledge of that profession, Tánaiste?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: I thank the Tánaiste for her important input on that. Just a final one, thank you, Chairman. If this committee, Deputy, was chosen from 650 people, would it be any better than what you've heard this afternoon? That's a question you raise on page 3, I think.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Thank you very much.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Thank you, Chairman, and I echo the Chairman's welcome to you here this evening, Mr. O'Reilly.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: You say in your statement that you made contributions to various political parties. I think page 10 has that you made €74,000 over a six-year period.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Was there any relationship between political contributions from the property sector and the regime of property tax incentives and reliefs such as urban renewal in the pre-crisis period?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Are those kind of tax breaks which, as you know, have been a large part of the agenda here, are ... did you experience those in any other countries?

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