Results 8,061-8,080 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: In terms of what Professor Black means by liar loans, are they loans on which people more or less self-assess themselves?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: When the borrowers self-assess themselves.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Those questions are leading.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I am sorry, but that is a leading question.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: We will need to substantiate that. I take Professor Black's presentation on that, but we will need to substantiate it as we go through the inquiry.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I shall bring this section of the meeting to a conclusion by inviting Deputies Higgins and Phelan to conclude. Before doing so, I have a few questions on the final point made by the professor. Is he aware of the Sarbanes-Oxley Act 2002 which was passed by the United States Congress?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: My Cork accent does not travel well across the Atlantic. The Act was passed in 2002. As Deputy Higgins said earlier, the US had an early crisis in the 1990s, lessons were learned and legislative Acts were put in place but another crisis happened. Can the professor give us his opinion on the Act?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: It was introduced in 2002.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: That is exactly what I want to talk to the professor about. The long title of the Act reads: "An Act to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes." That means senior officials, as bankers in banks, must put their name to the assurances being given to the wider world with regard to the...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Professor Ed Kane attended the committee last week. He gave a number of recommendations to this committee for the future, very much as Professor Black indicated in his opening statement, on how to avoid this type of crisis in the future and the necessary levels of accountability at senior banker level. I shall outline one of the figures he gave us. He said that the fines to date of US and...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I want to clarify the bottom line before I bring in Deputy Higgins. In the next session we will discuss Basel III and the credit directives. The latter talk about increasing and enhancing sanctions but we do not know what the sanctions are. Do we need to re-examine the basis of the fines approach? Do we need to move, as in the Sarbanes-Oxley Act, to more identifiable, individualised...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I will have to bring proceedings to a conclusion so I will invite Deputy Phelan to make a contribution and then we will have to conclude.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I will bring this session to a conclusion now. I thank Professor Black for making the journey to Ireland and for sharing his extensive knowledge and experience with this inquiry. We will be bringing forward a number of recommendations for the future. We are not just looking at the past, but at what we can learn from it for the future. On behalf of this inquiry, I thank you for the time...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Thank you very much Professor Black. We can discuss that over coffee.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I welcome Mr. Mario Nava from the European Commission to discuss banking regulation, supervision and financial stability. Mr. Nava is currently the director of the regulation and prudential supervision of financial institutions directorate in the Financial Stability, Financial Services and Capital Markets Union Directorate General, formerly the Internal Markets and Services Directorate...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I thank Mr. Nava for his opening statement. I would like to acknowledge that he has come here representing the European Commission, and I thank the Commission, as a significant EU institution, for its co-operation with the inquiry. I note that Mr. Nava comes from Milan. In that regard, I might use a comparison to explain what the European Commission does. Milan is very famous for its...

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: But would the UEFA-----

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: The Deputy will have his opportunity to speak.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I thank Mr. Nava. In summary, to use my own analogy, Mr. Nava is UEFA and he sets the rules for Europe in terms of banking institutions and national regulations.