Results 4,681-4,700 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: I understand that in the middle and lower tiers of the banks, certain changes must be made. In recent weeks in Bank of Ireland, there was a salary increase recommended by the remuneration board to the chief executive officer or the bank's directors. In the context of CRD IV, how did this happen?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: It is contrary to what the capital requirement directive seeks to achieve. Banks that are receiving State support are giving wage increases to senior managers and directors although those banks are not performing profitably in the private sector.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: As I understand it, bonuses and additional payments can be described in two ways. They are either fixed or variable. With a fixed bonus, if I work in the private sector I get an additional top-up payment at the end of the year. Or, if I have served so many years, I get an increase in salary. That is measurable, although it is not understandable to many people. There are also variable...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Mr. Carrigan cannot argue with me, in any case.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Yes. I think other committee members would like to hear that as well. The bank recovery and resolution directive, or BRR directive, is still awaiting backing from the European Council and European Parliament. The Irish Government in particular has a role to play in moving it on. I would particularly like to hear from the Irish Central Bank in this regard. In his presentation, Mr....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: To develop Deputy Dooley's point, if, let us say, we faced a catastrophic situation - if we had a change of Government and were back to terrible management of the economy and governance we were used to, which got us into the earlier difficulties - would there be enough bells and whistles in this system to let us know we were approaching that difficulty before we get to what would be described...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Is the Senator referring to residential properties or investment properties - that is, factory developments and so on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Since 2009, the Central Bank of Ireland - Mr. Dempsey can correct me if I am wrong - has put in place new criteria, including the requirements for loan-to-value ratios to be brought into line, for mortgage calculations not to take into account overtime payments, rooms that could be rented and so on, for income ratios to reflect more normalised states in regard to mortgage lending and for...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: In July 2009 the Central Bank of Ireland issued very stringent guidelines to the banks in regard to mortgage lending. It referred to reductions in mortgage terms, more robust loan-to-value ratios and the tightening up of calculations in regard to mortgage lending. If there was an additional room in a house, one could not include renting it as earning capacity, nor could one include...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: I would advise officials to read the transcripts.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: The bottom line is this: what would be different if we were to turn the clock back and transpose what we are trying to create now back to the years 2007-2008 when difficulties were beginning to permeate? What would be different from what actually happened?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Ireland is hosting the Presidency of the Council of the European Union. Given that we are halfway through the term, what are we trying to do in terms of putting in a series of firewalls, if I may use that analogy, and trying to get them over the line or achieve agreement on legislation before the conclusion of the Presidency on 30 June?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: There were three items that were referred to over the course of the meeting. On the question of CRD IV, the credit requirements directive, we need an explanation as to how the senior executives and the senior staff in the Bank of Ireland were able to get bonuses through their remuneration structures. As I interpret it, that decision runs contrary to the directive. I request that the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Obviously we need exercise after the Easter eggs. With that I will bring matters to a conclusion. I thank all the officials for the briefing and lively discussion which has added to our understanding of the matter. I propose that the committee forward a copy of the transcript of today's meeting to the Minister for Finance noting the observations of members following the scrutiny of COM...

Written Answers — Department of Finance: Non-Principal Private Residence Charge Collection (16 Apr 2013)

Ciarán Lynch: To ask the Minister for Finance if he will confirm that a non principal private residence is subject to both NPPR tax and to local property tax; and if he will make a statement on the matter. [17085/13]

Written Answers — Department of Education and Skills: Student Grant Scheme Representations (16 Apr 2013)

Ciarán Lynch: To ask the Minister for Education and Skills if he will review the circumstances of a Student Universal Support Ireland grant in respect of a person (details supplied) in County Cork; and if he will make a statement on the matter. [16619/13]

Written Answers — Department of Education and Skills: Student Grant Scheme Applications (16 Apr 2013)

Ciarán Lynch: To ask the Minister for Education and Skills the position regarding a student grant application in respect of a person (details supplied) in County Cork; and if he will make a statement on the matter. [17070/13]

Written Answers — Department of Social Protection: Community Employment Schemes (16 Apr 2013)

Ciarán Lynch: To ask the Minister for Social Protection if she intends to implement a change of policy to enable community employment child care workers a minimum of three years in order to gain the requisite FETAC qualification (details supplied); and if she will make a statement on the matter. [16622/13]

Written Answers — Department of Social Protection: Domiciliary Care Allowance Applications (16 Apr 2013)

Ciarán Lynch: To ask the Minister for Social Protection when a determination will be made in an application for domiciliary care allowance in respect of a person (details supplied) County Cork; and if she will make a statement on the matter. [17228/13]