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Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: And those minutes would then be circulated if it's appropriate?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: And they are circulated-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Officials, during the time of the crisis, would regularly have told each other and told officials in the Department of Finance, that things were good, that banks were sound and so on. And that they were doing the job that they were paid to do: they were regulating the banks, they were looking after the banks. So, a certain number of people, I think, might be sceptical now that when we hear...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: How can we know now? What is the thing that you would point to that says, yes, when we say that now, we really do mean it now ... it has moved on, it has changed ... it's the public reassurance here?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: In her evidence, Mary O'Dea said that in 2009, and I appreciate that's before you were here, ten administrative sanction enforcement actions were concluded that resulted in fines ranging from €7,500 to €2.7 million and one disqualification direction. I'm wondering, in your time ... in your tenure, have there been any administrative sanction enforcement actions? Have any fines...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: And was that enforcement of penalty, that environment-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: -----of enforcing penalty and being seen to challenge banks and to pursue them, does ... is that a ... do you feel that's a good addition to the way in which the regulator can operate in the financial system in Ireland? Because what we don't ... what we're really not sure of is exactly how many organisations, if you like, that you're actually responsible for?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: I mean, we talk always about the main banks.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: And I appreciate that's what's the cause here ... the most concern here in this room, but you do have other organisations and you do have other things to be responsible for?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Has your office, in your time, have you met with the Construction Industry Federation ever at a meeting? Can you recall?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: But not a one-to-one, face to face?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Okay. And finally then-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Okay. Finally, would you have had or hosted any meetings with developers, you know, people who are property developers, Irish property developers? Would you have had any meetings or any reason to meet with them in your time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Thank you. We have been told by other people that part of the Financial Regulator's job in the past was to support the growth of the financial industry in Ireland.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Support of the financial industry in Ireland-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: -----particularly the IFSC.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Is that still part of your remit?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: Just go back to fines for me for a moment.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Susan O'Keeffe: We talked about fines.

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