Results 7,981-8,000 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: Be mindful of where we are going, Deputy.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: To cap off on a point Deputy Doherty raised with Professor Lane, if we look at ELA as a defibrillator or a life support machine, in his opening statement Professor Lane stated that it is possible there was a lack of precedent or the untested nature of the ELA framework and that was one of the reasons. Was it the case that they had the equipment but never read the instruction book and they...
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: That brings me on to my next question. ELA is only available on the basis that the bank is in need of liquidity. If the bank is insolvent, it is prohibited from getting ELA. That is correct, is it not?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: Therefore, in Professor Lane's view, should the ECB have approved such enormous loans to banks such as Anglo Irish Bank and the Irish Nationwide Building Society during the period 2008 and 2010?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: Does Professor Lane think that the ECB should have approved such loans?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: I will give Professor Lane a few moments if he needs to think about it.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: Yes. Basically, in Professor Lane's view, should the ECB have approved such enormous loans to banks such as Anglo Irish Bank and the Irish Nationwide Building Society during the period 2008 and 2010?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: The ECB was signing the cheques. I am sorry to press Professor Lane on this but he seems to be struggling with the answer.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: The Irish Government was standing behind it, but the ECB was signing the cheques.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: The issue is regarding the ECB's behaviour, not the Irish Government's behaviour. Was the ECB right to fund those banks during 2008 to 2010?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: Okay. Was that on the basis that they needed liquidity or on the basis that they were solvent?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: Thank you. I call Deputy Kieran O'Donnell.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: I would advise the Deputy not to make his own judgment.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: I would advise the Deputy to put a question.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: I will just come in on Deputy O'Donnell's question. Was it the view of the ECB between 2008 and 2010, based on the information that was presented to it, that these banks were solvent?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: Professor Lane has an understanding of EU monetary policy. He would be of the view that, to get the money, the banks had to be solvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: Regardless of whether there was a guarantee or whether the guarantee was two blanket guarantees, the banks had to be solvent to qualify for ELA.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: We will move on after this because Professor Lane has answered many questions.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: That is okay if the Deputy moves to another area.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Ciarán Lynch: Could the Deputy move back towards what we are talking about, please?