Results 9,161-9,180 of 40,550 for speaker:Joan Burton
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: -----because my concern ... my concern-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Well, sorry, if you look at the records of those times, there was a general advice not to actually mention institutions for fear that it would come .. cause damage to institutions which might, in fact, be in a stronger position than others-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: -----and I took that responsibility and that advice and that, if you like, request, which came from the now ... the former Minister for Finance, Brian Lenihan. I took that very seriously and, as far as possible, I abided by it because I saw it as being in the interest of those institutions which might survive, if they could survive.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Well, in the earlier period of Northern Rock and in the period around the bank guarantee, I advocated, and it's on the public record, that there would be very significant deposits, there would be very significant guarantees for depositors in the banks because my view was that ordinary depositors in the banks needed a high level of guarantee - not just to protect them but also to prevent a run...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: No, no-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: I am answering-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: But sorry this-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Well-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Yes, and the opportunity for the savings, Mr. Chairman, was to have taken action an awful lot earlier, particularly given the warning that Northern Rock constituted one full year in advance. One full year in advance. But, at the time of the guarantee, for example, the Government ... the then Government, had no resolution legislation in place and the guarantee was sprung overnight. There...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: -----could it have been done-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: -----could it have been done better-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: -----and at less cost?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Well-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Well-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Well, for one, the sub debt ... because this was debt which had been taken out as these banks were getting into trouble at very high rates and that was a very risky sub-debt investment. That was one of them. But can I just say this, Deputy McGrath, I think there's, if I may so ... in terms of the question you're asking, if a sovereign state takes an action, which offers guarantees, once that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Yes, I suggested to you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: I suggested to you that it could have been approached either by nationalisation-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: -----or by closing down the institutions which were the biggest destabilising risk to the whole Irish system.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Joan Burton: Well, that would have depended at what point in time, Deputy, that that was done. Had that been done a year previously when that Government was put on notice and the banking system and the regulation system was put on notice in relation to Northern Rock that there were difficulties in relation to banking, well, then, while all bank failures are costly, I do not believe, myself, that the...