Results 1,261-1,280 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Could I bring you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: -----in the final question of the thing, Mr. Reilly, on this session, to page 42, just over the page. The financial stability co-ordinating committee 2006 were getting closer to the crisis. The first item in the second minute is: "It was noted that the ratings agency Fitch had placed Irish banks on lower-rated category for macro-prudential risks".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: "This downgrade would be discussed at the next Financial Roundtable." I don't get any impression of urgency. The banks had just been downgraded and we're saying, "Yes, we'll discuss that the next day."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Okay. Thank you very much, Mr. O'Reilly. Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Thank you, Chairman. The same document that the Chairman has been discussing with you, Mr. O'Reilly, on page 9, please; that's the Vol. 3 one, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Yes, page 9, yes. Now, in the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: The second-last sentence, it says, "Two of what the [Financial Regulator] regarded as key elements of the governance architecture of principles-based regulation - Directors' Compliance Statements and the Corporate Governance Code were not ... in place." That's from Honohan. Was that because of the pressures we mentioned earlier from the Department of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Did you act in a deferential manner towards the Department of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: The exceptions to credit policy when the banks were in ... that ... could you discuss those with us? There seemed to be quite substantial increases outside normal guidelines in lending. I think in some cases the exceptions were nearly as large as what was within guidelines. Did you have discussions with them about those?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Did they take your concerns on board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: The final one, in your opening statement, you referred to the role of the non-executive directors on principles-based regulation. Was that, with respect, not naive? They turn up, say, one day a month for meetings. The executive directors were there. We rescued six banks; if they'd five non-executive directors, about 30 people. You had 318 full-time staff. Should you not have taken that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Thank you very much. Welcome Mr. Patterson. The stress tests that you describe in section 2.6 on page 7 of your presentation here today. You say the authority took great comfort from the results of the stress tests. Who brought them to you? Did an individual from the Central Bank bring them in to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: And one bank hired a number of PhDs in mathematics to work them out. But I mean, your criticism of them today is incisive I think, in your statement today, what they left out. So this was sort of a kind of a mumbo-jumbo that ... that was useless.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: You say, on your summary 2.9, "The regulator was operating a system of principles-based regulation which was internationally accepted as best practice at the time." I think you've already answered that with my colleague, Senator D'Arcy. Whatever version we were applying, at a 40% of GDP fiscal adjustment costs to pay for banks, I mean nobody else was doing that except Iceland, and you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: You refer to the Central Bank in your verbal presentation, I think it's in the written one, that it had a culture which is hierarchical and secretive. Was that an obstacle in the task you were trying to perform?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: You refer on page 7 that that PwC report found the banks were healthy in 2007. Were accountants measuring different things than we would now measure to comment on whether a bank would survive another three months or another three years?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: And in Vol. 3, Mr. Chairman, in relation to ... on page 22, we have the meetings on supervision, pages 22 and 23. Did you attend those meetings, Mr. Patterson?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Sean Barrett: Yes.