Results 16,881-16,900 of 26,053 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: Page 71.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: Chairman, can I go to page 60 of that same document?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: And it's dealing with principles-based regulation and the fact ... I suppose, what I really want in the context ... you received an internal memo in August 2005 where ... effectively during your tenure, where there was ... you could have had a very modest increase in the capital requirements for new high loan-to-value mortgages. Now, this wasn't implemented until 1 May 2006. So the question...

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: Six months. Well, August to ... it happened after you left and it said that the ... that ... why wasn't it put through? And, looking back now, based on the type of regulation that was in place with the Financial Regulator, were the banks regulating themselves?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: And, in hindsight, with the fact that the principles-based regulation we've had, were the banks, in essence, regulating themselves?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: And, I suppose, in hindsight, could it be said that the type of regulation ... the principles-based regulation you had in place, was naive?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: Thank you, Chairman. Welcome, Mr. Patterson. The memorandum of understanding between the Central Bank and the Financial Regulator dealt with the responses of both the Central Bank and the regulator. Was there clarity in what should have been dealt with by the financial regulatory board or by the Central Bank board? And that's coming from document Vol. 1, page 7. It's memorandum of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: By whom?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: Did you voice them yourself?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: And where ... and how did ... how ... what was the outcome of that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: So you're saying the financial construct under which the new bank regulatory system was set up in '03 was flawed from day one?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: Had you an office on the seventh floor?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: Right.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: But you made it ... you made it to the seventh floor?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: Why not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: And was that your ... your ... in your statement you make reference to the fact that the board was relying on the executive in terms of banking expertise. Should the regulator, in terms of the ... executive, have looked more closely at how loans were being granted by the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: And at the time did you make that known to the CEO of the financial regulatory authority?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: You have made reference in your statement ... that there was no one on the board of the Financial Regulator with any banking expertise. Now, you were ... you were appointed as interim chair back in April 2002.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: So how did you allow a situation to develop where you had no one on the board of the financial regulatory authority, the section of the new ... which was set up specifically to regulate the banks, with ... it would be basically like having a restaurant with no chef?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Kieran O'Donnell: Correct. But, sure, that's what the Financial Regulator ... was a key component of it.