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Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: I am getting my gurus mixed up. It was definitely Morgan Kelly.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: In the final sentence of her opening statement, Ms Kennedy noted that journalists "were less well-placed than others to make an accurate assessment." That is a very pessimistic statement.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: I could probably maintain that I did. Is this an abdication by the Fourth Estate? That is what I am concerned about. The Irish Timeshas a track record, having got Milton Friedman and Morgan Kelly and it also got a strong line on the McDowell report.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: Some of the evidence given yesterday and the previous day suggested that journalists are under too much pressure from public relations companies, they do not have time to do independent research and they tend to ask the incumbents about what is taking place in a sector rather than seeking out contrarian views. Was that the reason Ms Kennedy was feeling pessimistic? Would most journalists...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: Are the living standards of journalists much lower now than they were ten or 15 years ago? In the Bowes pub kind of setting it was certainly the story that one building society in particular went out of its way to recruit journalists and give them mortgages. Would such privileged status for journalists have influenced coverage of the sector?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: One of the current correspondents of The Irish Times, Professor John FitzGerald, informed the inquiry that if he wrote a quarterly report on the economy which may have been somewhat pessimistic, someone who he referred to as a nervous Nelly in the Department of Finance would ring him up to complain. Did Ms Kennedy ever receive those kinds of telephone calls?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: Was the property sector among the sectors that would make telephone calls to Ms Kennedy?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: Ms Kennedy stated, "The same editorial standards applied in the property supplements as elsewhere in the newspaper." The whole tone of the property supplement is so saccharine and gushing that it must be different from the rest of the newspaper.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: Was that in the main body of the paper?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: Thank you, Chairman. I welcome our visitors. There are some matters arising. I did not interpret Mr. Browne's evidence as hostile in any way. The matter of how I interpreted what he was saying yesterday only arose today. I will move on to other matters. Does the training of journalists equip them to deal with the kind of crisis that this inquiry is investigating? Reference was...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: The influence-----

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: He just wanted his photograph in the newspaper. Was that it? I was saying that people watching here do not attempt to influence decision-makers in the sense that they would not contact a judge or a referee. However, Ms Kennedy gets contacts on a regular basis from Ministers or people in business attempting to influence the content of The Irish Times.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: I am, yes.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: DD01700 type: 1 --> I think many people outside do not behave like that. They do not attempt to influence law cases. They do not even attempt to influence refereeing decisions. They will be surprised by what Ms Kennedy has told the committee.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: The evidence-----

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: Is there evidence on the Sam Smith case? Ms Kennedy raised concerns about the Mahon report.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: I welcome the witnesses. On the fifth page of Mr. Mulligan's submission to the committee, there is an item from 15 November 2006 referring to "I’m An Adult, Get Me Out Of Here" which states "No problems with Financial Regulator – lovely fit". What was that account about? What did that mean?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: This committee is looking at the Financial Regulator and I am intrigued that he was making television programmes with RTE because we are trying to find the €64 billion that disappeared from this sector he was regulating. How many people from the Financial Regulator's office used to be involved in monitoring RTE's programmes?

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: I thought the man on the bus would be interpreted differently now, as they did not know what a tracker mortgage was and nor did a lot of people in the banks. The next question may be to Mr. Mulhall. Would it be true that the business coverage, in particular as it relates to the Stock Exchange, is somewhat uncritical? In other words, it announces a glowing profit for company X but is not...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

Sean Barrett: I thank Mr. Mulhall for his document, which I hope he puts into book form at some stage, particularly around page 7. As a general question, of all the lessons that Mr. Mulhall was watching and in which he was participating, how would he advise the committee on measures to prevent a recurrence? What should we do the next time, to make sure this €64 billion bill, which both the...

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