Results 9,421-9,440 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: And that required a different type of banking, I would imagine, and that that banking would come with a skillset. How do you think AIB were coped for the skillset that that new type of banking required?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Thank you very much. Okay, I now propose that we take a break and we take a break until 4.15. Just to remind the witness that once he begins giving evidence he should not confer with any persons other than his legal team. If I can just ask Members to remain in their seats please until I actually ... thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: I just need to give you some advice, Mr. Forde, just before you do, okay. The witness is reminded that once he begins giving his evidence he should not confer with any persons other than his legal team in relation to his evidence on matters that are being discussed before this committee. With that in mind, I now suspend the meeting until 4.15 p.m. and remind the witness that he's still...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: We are now back in public session. The next questioner is Deputy Michael McGrath who has ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Maybe just to round that off ... It's just on the issue of valuation. How was the expertise gathered or was ... and applied in AIB with applying valuations? It's one thing to give a loan to somebody's capacity to be able to pay it back, but a valuation has to be put on what's been purchased as well. How, what was the expertise like around the valuations?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Was the value not changing the lending model? So let's say, for instance, your ... as often is used as a kind of a barometer ... the guard married to the nurse. They were going to take a mortgage out over 20 years, whoever was the chief earner - whether it was the guard or the nurse - it would be three times their income and then the guard or the nurse's annual income applied. But ... and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Yes, yes but-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Did anybody in AIB say at the time "that model, where is this going"? I mean, if one operates on the assumption that all purchasing markets are required upon - if I am selling my car tomorrow morning to buy a new car, somebody has to come in and buy a second hand car. The housing market is very much contingent upon first-time buyers to come in to allow people to trade up and trade down and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: But it was never flagged as a problem? Okay, we can see that the prices are going up but is somebody going to say "Is there a sustainability issue here"?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Senator Barrett.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: What volume Senator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Okay, volume?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Next question.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Thank you, Mr. Forde. I just need to deal with a matter there in regard to solicitor undertakings. Maybe you could explain to the committee in layman's terms what a solicitor undertaking actually is.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: It means a kind of securitising an asset and so forth.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Okay alright. So the loan then would be issued on foot of that security being ribboned and bowed legally.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Okay. There was an internal audit in AIB in April 2006 highlighting an issue relating to outstanding solicitor undertakings in the Republic of Ireland division, your division. It's the reference page, it's actually up on the screen there in front of you but just for noting purposes, it's AIB B4, Vol. 1, page 20. And in that audit it would demonstrate that outstanding solicitors'...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: Okay. Did AIB in all circumstances follow up and ensure that the security had in fact actually been registered?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: And are you aware that there are issues with NAMA when they actually took over the loan portfolios?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Ciarán Lynch: That the registration never actually took place?