Results 1,541-1,560 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Thank you, Chairman, and I just want to put some questions to our visitors, Chairman. Just the ... your ... paragraph 12 of your remarks, Mr. Burrows, strategy 2000-2007, to go from €12 billion capitalisation to €30 billion, and then €40 billion; that was a ... by 2007. That was a board decision, was the ... to adopt that? Was it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Thank you. Now, could I ask that CIF, page 99, Vol. 1, be put on the screen, please? Now, it's from the presentation of Mr. Simon Carswell, Chairman, on 26 February, and the third paragraph on page 99 reads:In 2006 the Financial Regulator started to consider the introduction of compliance statements for directors of banks. This would allow the regulator to force the management and the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Yes. Because, you know, there's part of the earlier matter that we discussed, the letter of 2 April 2007 to the regulator saying the Bank of Ireland was comfortable exceeding the 200% limit. It looks like the regulator tried to do something about it, and the industry lobbied, but not the Bank of Ireland; is that ...?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Was there a board discussion of the matter?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: I see. Could I also say in relation to regulation, if we bring up document R3b? And this was ... it's the minutes, it's page 7, it's the minutes, Chairman, of a meeting of the group risk policy committee where they were asked by the regulator to address failures to adequately verify the income or the source of the borrower deposit. That was the regulator's concern. And the reply is on the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Yes. Does it not indicate that, to say the least, you were a hard company to regulate in the attitude to the regulator, or do you say you maybe ... perhaps you were an easy company to regulate? But it does seem strange that not verifying the income of the borrowers should become an issue between the regulator and the bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: There's just one other that there's ... in volume B4 on page 30
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Thank you. There's a ... this is from the regulator to the bank: "[Bank of Ireland] is to advise the Financial Regulator as to whether it is satisfied that the concerns expressed at the Group Credit Committee meeting on 30 August 2007 have been addressed." And that communication is dated March 2008, so there appears that something that arose in 2007 had not been satisfactorily replied to,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Thank you, gentlemen. Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Thank you very much, Chairman, and welcome to our visitors this afternoon. Just, on the regulation of accountants, you mentioned the CARB report. I suppose there'd be two observations, one, it's taken seven years since the ... the need for the guarantee, and two, it's been furnished only to yourselves, and not to the public, who had to pay the €64 billion. I mean, is that the way...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: In the next few months. I'd hope it would be able to assist this committee. The IASA, as far as I can see, has issued no report on this whole issue. Is ... is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Well, we have one watchdog which hasn't barked at all and another watchdog that only ... that only barks in ... in private-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Is the ... is this an appropriate system of regulation where one watchdog is silent and the other just works in private? The public ... who has asked us to investigate €100 million in equity from the Irish Government, then, obviously, shareholders' equity, and inputs from the British Government ... and the two regulatory bodies operate as ... as you've described.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: But you're a member of these bodies, isn't that right?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: The going concern basis for the accounts, this is on page 54 of the document you sent us, for the year ended 31 December 2008. Does that correspond at all to a definition of "going concern", knowing that senior people, from the client, were in Government Buildings, you know, looking for money on the 29 September, and that it ended up 98% in public ownership? That's not a going concern, I...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: You mentioned your discussions with the regulator. Did he mention to you that he had attempted to have directors' compliance statements brought forward and that there had been opposition by the industry to the Department of Finance and that those would drop and they could ... and those compliance statements could have allowed to prevent excess sectoral concentration? Did you have any...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Is it something when we come to do our report going forward, would that be a good idea to revise that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: And the ... when you were looking at the documentation in relation to loans, the CIF were here yesterday and they were requiring that NAMA should honour verbal agreements between banks and their customers. Did you come across undocumented loans when you were doing your audit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: And the high discount rate on AIB, I think 56% when it was transferred across to NAMA, was there any indication that was likely to happen when you were doing the audit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Sean Barrett: Lending without income statements, did that come up in the audit?