Results 1,621-1,640 of 23,109 for speaker:Paddy Burke

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: Does Mr. Sugarman believe he is the first person to bring this to the attention of the Central Bank? Was he the only person to bring it to the attention of the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: Mr. Sugarman does not know whether that was brought to the attention of Central Bank representatives at the banking inquiry or how they were informed of it. Is that the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: That is astonishing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: I know little about banking other than loans and repaying them or mortgages. When did Mr. Sugarman first realise that there was a liquidity problem? How did it come to his attention? What alarm bells rang?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: Most of us have overdrafts. What happens when there is not enough cash in the till? Does an overdraft or the like come into play to bail a bank out?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: I see. Did the CEO notify the bank's audit committee of the matter after Mr. Sugarman brought it to his attention or did Mr. Sugarman have to do that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: Is there a golden circle between the banks and the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: You should.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: I find it incredible that on a daily basis, Mr. Sugarman was calculating the figures and he states the bank was in breach-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: -----and that on a monthly basis the auditors signed off on them. In terms of the monthly figures, in August-September 2007 there was a 40% breach.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: In some cases, Mr. Sugarman's institution was in breach by, on average, 40%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: The auditors signed off on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: I will be very brief. One of the Chairman's questions that Mr. Sugarman answered was regarding staff. Mr. Sugarman said that a company cannot force an employee to commit a crime. When he said that, did he mean that he could not be forced to commit a crime by the CEO or the directors of the bank or that he could not ask the staff members who were under him to commit a crime?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: The witness said that in 2007 the bank was around €4 billion short in the till.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: I presume that something similar was happening in every other bank at that particular time and that they were all short in the till.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: So if they were all brought into line at that particular time in 2007, what would have happened?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: But if there had been some sort of correction, or crash on the M50, as the witness described it, there would be a backup in some place if all the banks had to-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking and Financial Regulation: Discussion with Mr. Jonathan Sugarman (13 Apr 2017)

Paddy Burke: I see. That is a whole different department. We better not get into that.

Seanad: Order of Business (12 Apr 2017)

Paddy Burke: Why not go over to them?

Seanad: Order of Business (12 Apr 2017)

Paddy Burke: Why not go and meet investors?