Results 1,621-1,640 of 4,414 for speaker:Sean Barrett

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Thank you, Chairman, and welcome to our three visitors this afternoon. We're trying to shed light on the €64 billion, that's the terms of reference of this committee, and I take it none of you anticipated that we'd be here discussing the €64 billion. Even though you were senior people in banks, there were no signals, no alarm bells, nobody talking about it in the canteen, or...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: And Mr. Beggs?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Dr. McLaughlin?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Yes. And, you know, the people looking in will identify our three visitors this afternoon as the public faces of banks which cost them €64 billion. They're extremely annoyed. You know, is there any regret here from the three of you, that you were in organisations which, you know, have imposed such a burden on Irish economy and the Irish society?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: €40 billion, that's the one he gave us. It still is an incredible burden on the people outside. And you, you were ... were you ever ... did you ever feel used to promote the share price of Irish banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Because you were the spokesmen for an industry which has cost us so dearly.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Did we have ... did you ever discuss with your senior management the loan-to-deposit ratio?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Even reliable by people who imposed such debt on the rest of society. I have to say, we do have evidence that the banks resented attempts to regulate them under a number of headings, and we'll be talking about that with the regulator. Could I draw the attention of our visitors to UBI - B2, on page 16, and pages 24 plus, where Ulster Bank in this case, late August 2007, doubled a sectoral...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: B2, and it's on page 16. But a massive increase-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Thank you, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Yes, that's correct, that's correct, Chairman, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Well-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: It was, I think, discussed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: I'll just say also that there's a letter which I can read out, to Ulster Bank, dated 24 July 2008, commenting on no response to a letter five and a half months earlier, the 12 March 2008, asking for responses to points, you know, which are heavily redacted, where the bank was not complying with the regulator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: The question is that you want to allocate most responsibility for the collapse to the regulator and his management and board. We have evidence that banks in many cases were reluctant to deal promptly with requests from the regulator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: It's a question that ... that ... how do you now see that if we have evidence that the banks were tardy in responding to the regulator can you blame the regulator as ... as thoroughly as you do in your statement today?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: We have a bank which lent outside policy limits €82 million in one month in September 2006 ... that's on page 21 of that document which I hope will ... will reach you in time. And could you also comment on ... within your banks ... where the non-executive directors and I have particularly in mind-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Thank you, Chairman. You will remember Jim O'Leary, Professor Niamh Brennan and Bill Livingstone within banks were not listened to and, obviously, no one reported back to you their concerns about the lending practices of Irish banks. But at board level, there were concerns which appeared not to be relayed back to the senior economists who are here this afternoon.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: She raised, at the Carrickmacross meeting in 2004, issues which were still pertinent in 2006 and 2007.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Sean Barrett: Should people working in a shop not notice that the shop business is going into rapid decline and may be required to be rescued by someone?