Results 1,321-1,340 of 4,414 for speaker:Sean Barrett

Seanad: Order of Business (9 Jun 2015)

Sean Barrett: With regard to Senator Darragh O'Brien's amendment and Senator Ivana Bacik's response, there was more than €500 million in cash when the Government decided to sell Aer Lingus, for which the pensioners make a more deserving case than the shareholders of British Airways. I still oppose the deal. The document in the Oireachtas Library of a mere two pages is totally inadequate to address...

Seanad: Yeats 2015: Statements (9 Jun 2015)

Sean Barrett: I welcome the Minister and thank her for the speech and the investment being put into the 150th anniversary of the birth of William Butler Yeats. When Seamus Heaney won the Nobel Prize, he quoted from the Yeats speech of 1923, when he stated: "I consider this honour has come to me less as an individual than as a representative of Irish literature. It is part of Europe's welcome to the Irish...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: Thank you very much, Chairman, and welcome, Mr. Neary. The CAMEL that you described in your introduction, is that dispensed with now or is it still in operation, the CAMEL model of bank regulation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: Well, in that sense, would we replace the CAMEL by an Irish wolfhound who would look at things like loans-to-deposit, sectoral concentration, loan-to-value, and that principles-based regulation without a statutory basis and without sanctions does not work, and that this wolfhound would bark and bite as distinct from the five-level CAMEL, which has got us into this situation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: You told my colleague, Senator D'Arcy, that it wasn't your job to tell a bank how to run itself. Could I put it to you that, because of the guarantee and the lender of last resort, it was your job, and that's the difference between banks and bicycle shops and dry cleaners?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: Yes, thank you, Chairman. We don't have to bail out bicycle shops or dry cleaners; we do have to bail out banks, therefore, you should have said in response to Senator D'Arcy's question, you know, "You keep lending that much to property and you'll be calling upon me and my colleagues and the legislators in Leinster House for €64 billion."

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: In the operation of regulation ... Chairman, could we go to Vol. 1 and page 104? And that relates to 2004, Financial Regulator letter to a director of a large financial institution. And just reading from here, Chairman.The letter refers to a meeting which took place in September 2003 and a follow up meeting in February 2004. A period of 9 months had elapsed between the two meetings, though...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: And the whole process took a year or so, was it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: Could I refer you to page 67 in the same volume if I may? This was when your office pointed out to Bank of Ireland that they exceeded the 200% limit in real estate, their response was, ''Bank of Ireland remains comfortable with the exposure in this category.'' Is that an acceptable response to a regulator in the public interest? It tells somebody, "You're breaching our practices", and he...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: It's page 67.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: Vol. 3, 19 May and page 67.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: And the remark about being comfortable is in the last paragraph.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: Page 68. Last paragraph. Very last paragraph. I'll just read it out for him.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: It's the second line in the last paragraph, "Bank of Ireland remains comfortable with the exposure in this category."

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: I will indeed, thank you, Chairman. "Bank of Ireland remains comfortable with the exposure in this category." And it's the second line going into the third line in the last paragraph on that page 67. It's a letter to Mrs. Burke from the Bank of Ireland.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: But was it your job to challenge them? That's-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: But, you know, as of that time they were comfortable even though you told them to comply. Was it appropriate that the financial institutions in the domestic market were regulated the same as those in the IFSC? And could you tell us your experience in your regulation in the IFSC?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: Well did that rebound on Ireland afterwards because I think there's stories that two German banks, Depfa and Sachsen Landesbank, lost more and cost the German economy more even than the €64 billion here. I think €80 billion between those two. Did you come across them in your auditing?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Sean Barrett: But why were the results so horrible?