Results 8,341-8,360 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: I will not be drawing Professor Walsh on its specifics. I want to get his view of several aspects of it. There is a chapter heading for external auditors, section 3.4, Auditing Irish Banks. It covers sectoral concentration limits, prudential sector lending limits of 20% of a bank’s own funds for one sector, and 250% of a sector, subject to a common predominant risk factor. The...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: What is Professor Walsh's view on Professor Patrick Honohan's comment that this guideline or rule was a dead letter? Does Professor Walsh have a view on that?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: In chapter 7.18 of his report he concludes the paragraph by saying: "It is fair to acknowledge, however, that experience shows that quantitative credit limits can be circumvented fairly easily". What does Professor Walsh think he means by that?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: Does that mean in regard to the book Professor Walsh brought in to us today, to use Deputy Higgins's theological term, that one can either have biblical or subjective interpretation of Canon Law or religious law? In regard to Professor Patrick Honohan's final comments about being circumvented fairly easily, are the rules in that book subjective or are they determined?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: I thank Professor Walsh. Is there anything else he wishes to add?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: I thank Professor Walsh for his participation in the inquiry. It has been a very informative and valuable meeting which has added to our understanding of the factors leading to the banking crisis in Ireland.

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

Ciarán Lynch: In commencing this morning's proceedings I welcome everyone to the 11th public hearing of the Joint Committee of Inquiry into the Banking Crisis. At our first session this morning we will hear from Mr. David McWilliams on issues related to early warnings, divergent and contrarian views in the context of the banking crisis in Ireland. David McWilliams is an economist, writer, broadcaster and...

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

Ciarán Lynch: Move towards a wrap up now Mr. McWilliams because we also have to ask you some questions.

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

Ciarán Lynch: I will ask that you wrap up please Mr. McWilliams. Much of what you gave the Committee in your opening statement will be also be addressed in the questions this morning.

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

Ciarán Lynch: Mr. McWilliams I have afforded you more time than any other witnesses that have come before the committee. You are now on 25 minutes. Usually the limit is 15 minutes so I will have to ask you to wrap up.

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

Ciarán Lynch: I am moving to questions. The lead questioners today will be Deputy John Paul Phelan and Deputy Pearse Doherty with 20 minutes each. Other questioners will have eight minutes after that. I will set the scene. Mr. McWilliams, you mentioned the housing price bubble in your opening address this morning. Given that you were warning for such an extensive period of time, was there any point...

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

Ciarán Lynch: You mentioned in your book The Pope's Children that a property crash was on the way. You based this on the Minsky Kindleberger credit cycle analysis. Can you please outline to the Committee what that theory means? Can you also inform the inquiry if any person in authority contacted you in regard to the concerns you were raising at that time?

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

Ciarán Lynch: That leads me to my last question. I ask Mr. McWilliams to be as succinct as possible in all his responses as we have another witness attending later. He referred to that big moment and the big intervention that is required-----

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

Ciarán Lynch: To come back to the Minsky moment, Mr. McWilliams spoke about how the big intervention might manifest itself. In the Irish situation, it was in the form of the banking guarantee. Did the design and implementation of the guarantee have any relationship to Ireland's entering a bailout programme two years and two months later?

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

Ciarán Lynch: The diary that you are working-----

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

Ciarán Lynch: The Deputy is asking you about a sequence of meetings you had with Brian Lenihan. We can fill in the historical parts ourselves.

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

Ciarán Lynch: I need to move to the substantive part of this engagement, please.

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

Ciarán Lynch: I am looking forward to the coffee break later this morning but we need to deal with the issue.

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

Ciarán Lynch: Please conclude.

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

Ciarán Lynch: I want to round off this session by asking a simple question. I hope Mr. McWilliams gives me a short answer and then I shall call Deputy Higgins. At the time of the guarantee, and in Mr. McWilliams's engagements with Mr. Lenihan during that period, was it his view that the banks were in need of liquidity or were they insolvent?