Results 17,021-17,040 of 26,050 for speaker:Kieran O'Donnell

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

Kieran O'Donnell: So, therefore, in hindsight, reflecting now, should you have resigned your position?

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

Kieran O'Donnell: Why not?

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

Kieran O'Donnell: You speak in your statement about the Central Bank ... should be there effectively to be the voice of reason and to state... surely, if you were ... had these major reservations, you owed it in terms of professional integrity, that if you ... clearly, as you're saying here, that you were battering effectively against a closed door. Surely you had it on the basis of professional integrity and...

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

Kieran O'Donnell: Mr. O'Connell, you were chief economist. You weren't, effectively, someone who was ... a person who was a junior that had just joined the Central Bank. You were in the Central Bank at that stage nearly 40 years. You were probably one of the most longest -serving officials in the Central Bank. So, therefore, I'll ask it one last time. Do you feel you should have considered your position...

Aer Lingus Share Disposal: Motion (Resumed) (28 May 2015)

Kieran O'Donnell: I am glad to be able to contribute to this debate. I commend the Minister for all the hard work he has done in this area. I will speak as a Deputy who represents Limerick city and the mid-west and in that context, Shannon Airport. Shannon Airport has been a vital driver of economic growth in the region for a long period of time. To put it in context, a person could fly from Shannon to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: Thanks very much, Chairman. Welcome, Mr. Neary. Mr. Neary, from 2003 to 2006, you held the position of prudential director of IFSRA, the Financial Regulator. When you became CEO of the Financial Regulator in '06, what was your guiding philosophy as to how the role should be performed in order to achieve all the objectives, goals of the Office of the Financial Regulator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: And why ... you said earlier you bought into a principles-based regulation. Why did you buy into a principles-based regulation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: Do you believe the banks should regulate themselves?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: Did you rely on the banks for analysis of risk management? Did you rely on the banks for the analysis of risk management?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: Why?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: How ... how does that differ from saying to the banks ... you're basically saying the banks could regulate themselves for risk.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: And what changes, if any, did you introduce to the model of regulation and the approach to enforcement?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: And the ... going back to the ... we'll say, the credit concentration limits, like, were you in any way concerned with the growth of the property and construction loans on the balance sheets of the banks, where you saw the major banks going up, in some cases up to four times of an increase in their ... the size of their ... the value of their loans between '03 and '08?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: I'm talking about property. The sheer scale of the increase in property loans during your tenure, between ... you were ... you were director of prudential from '03 to '06 and you were Financial Regulator from '06 to '09. In that six-year period, the loans ... the property loans in the banks grew exponentially-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: -----between three and four times over that period.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: Did that ... was that a source of concern to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: Well, for instance-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: -----the credit concentration limits, where they could have up to 200% of their own funds for property in a specific area and then related up to 250%-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: -----the banks ... all the major banks consistently breached that over the years. Was there ... could you have imposed sanctions on the banks for breaching that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Kieran O'Donnell: No, no, I'm asking you a question. What could you have done? Surely you had something at your disposal. These limits were there and they were being consistently breached, in some cases, by the end of it, up to nearly 400%, rather than 250%. So, what tools ... sanctions did you have at your disposal in terms of breaches of these particular limits?