Results 1,341-1,360 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Thank you, Chairman, and just as a final one. Could I direct you to page 53 on Vol. 1, if I may?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Now this one on Vol. 1 says, "Report of the Implementation Advisory Group on the establishment of a Single Regulatory Authority." And it's dated 24 June 1999.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Now, what ... when it was proposed that regulations were to be done ... completely separately, it has, it's come up on the screen. Thank you, Chairman. When it was proposed that regulations should be done completely separately, it was very strongly resisted by the Central Bank who say in the last paragraph there, if we had it separate ... and you would be, if you like, as the first...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: It is indeed. This was not to have Mr. Neary completely separately from the Central bank, to include him in, and the case all these evils would result.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Thank you, Mr. Neary, and thank you, Chairman, for your forbearance.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Thank you, Chairman, and welcome back, Mr. Neary. The contrarians that you were describing to the Chairman there a while ago, what were they contrary about and where were they contrarian?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: But these ... I understood the Chairman ... was contrarians internal to the Financial Regulator and internal in the Central Bank. Was that the group you were describing to the Chairman?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: I wish to re-enter the Chairman's question about the internal contrarians. Yes, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Were there contrarians at the board level?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Thank you. Now, Vol. 1, if I may bring you to page 118. Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: These are minutes of meetings and ... the particular one: "An IFSRA update for the CBFSAI Board [on the] ... in May 2004 indicated that property Lending [at] (61%) and Development Lending (16%) were the main concentrations in the portfolio of Bank A. An internal sectoral limited of 20% was mentioned" and then it goes on that the, "Minutes of [the] ... Meeting the following month indicate...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: That's the one, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: And did the 77% go back to 20%?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Yes, I think you've dealt with it I ... I'm satisfied, thank you, but it's just that we've other questions and I see the clock running down. Now, you referred - with Deputy Doherty - to the very small number of people who were at the core of this ... that concentration. There was also, within that small number of people, a massive investment outside Ireland. Did that come to your attention...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Well, you call it diversification. Could it also be called a disaster, that the Irish taxpayer had to bail out people who had no transactions within the jurisdiction, that it was no benefit at all if people borrowed from banks, which then became insolvent, to engage in property transactions in other countries? Should that not have been a concern?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Were you surprised by the 61% discount that NAMA applied?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Could I move on in that section, if I may? You have this group, in the first half of 2006, on page 122, said ''the funding gap continues to widen, suggesting that the risk of a country-specific shock could pose liquidity or refinancing risks for banks''. That was in the beginning of 2006, two and a half years out from the crisis. Nothing seemed to follow from that finding.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Moving on a year and a half, if I may, it says ''the tone and comment in the Financial Stability Report will be of particular importance and sensitivity''. So we are getting another year closer to the crisis and the minutes are worried about tone and comment-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: ----- rather than anything quantified or anything precipitating a need to do something rather than write, you know, rather soporific minutes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: And the last one we have of those minutes, page 125, there's mention twice of communications relationships, relationships communications ... at that stage was it more sociology than bank regulation?