Results 7,861-7,880 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Stop. We are into the morning of the bailout programme now and I have made this very clear, Deputy. That was two years and two months after Professor Honohan's report was published.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: There are no "well" or buts about it. There will be no show boating here and no breaching of the rules. We will return back-----

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: You will get an opportunity to answer it at a later meeting. Deputy Phelan, you may be the lead questioner that morning and you will have 20 minutes to talk about the "Morning Ireland" programme but that is not up for discussion today. It is unfair to people who are watching this morning to be raising questions that people know are out of order.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: I am not entertaining it today so put another question instead.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Very briefly, please, because we will be going into recess.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Sure and then we will have the suspension.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Thank you Professor Honohan. I am now proposing that we suspend for a brief break, resuming at 11.20 a.m. Is that agreed?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: We will proceed with our engagement with Professor Honohan.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: On Deputy Eoghan Murphy's final point regarding consensus and dissenting voices, that does not appear to be the view held at European level. Just last week the Bank of England released its minutes of a meeting of the committee of its non-executive directors on 15 October 2008, which stated, “Actions announced first by the Irish government and then the German government were both...

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Does Professor Honohan consider the Bank of England's "beggar thy neighbour" comment as being valid?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: We are running out of time now, Deputy.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Can you conclude now Deputy?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Before I bring in anyone else, I want to round this off. We have been around the room this morning with you, Professor Honohan and it would be unfair not to get this ironed out before we move on. You talked about the rules in the 1980s and the 1990s. In 1995, the Central Bank, in its winter bulletin, set out very clear advice with regard to concentration limits in the sector. This is...

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Something happened between 1995 and 2005 and to use your term, this bulletin became a "dead letter". A more appropriate term might be that what was set out in that bulletin was "abandoned". What happened?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: You said earlier this morning that the regulation was the same. Something happened. Sectoral credit limits were there, set out clearly. No new letter came from the Central Bank; there was no waiver issued on paper but something happened and the banks started changing how they operated. How did that happen?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Yes, but the Irish financial environment changed quite significantly from 1995 on. We did not have the IFSC operating at that time to the extent that it was in the 2000s. I am asking you if it was as a result of lobbying or something else that the bulletin that was issued in 1995 became a "dead letter", as you describe it?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Would it have been coming from a particular sector? Would it have been coming from the pillar bank sector or from the financial services sector?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: We had a banking model in this country, going back for decades if not a hundred years, that did not face the crisis that we faced in the 2000s. Certain rules applied and sectoral concentration limits were very much a part of that - in the same way a pension fund would operate, you do not invest all your money in one horse.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: What we had was an over-concentration in property by banks in this country.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: I want to flag this. In 1995, when that bulletin was written, we were mainly talking about high street banks in this country. The topography of the Irish economic landscape changed and we had the major development of the Irish financial centre. As Deputy Doherty alluded to, there was an environment to develop that and everything else. Part of developing that was the creation in the Irish...