Results 9,521-9,540 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: I just want to deal with a couple of issues there just before we tidy up before the break. This relates to the quality of the business model, setting process, just to tidy up there from some of the questions that may be outstanding before we go for a break. We will be referring to core documents AIB B2, Vol. 1 and that is AIB reference 01278, page 19, paragraph two. What I want to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: It's not really on the remuneration issue I'm talking to you, Mr. Sheehy, it would be in regard to the concentrations in property sector lending this is a sustainable business model was there commentary on the board, like we've heard testimony from other witnesses here about what's called the "grow-fast model". Was people saying that we're now begin to mirroring the grow-fast model, that our...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: I'm sure it was discussed and maybe it was discussed in the context that "We're going to have another bumper year this year, that our growth is going to be X and all the rest of it and that our lending targets are being reached", if there were targets in place and so forth, but was anybody at board level saying there is a concern here with how the business model is developing?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Okay, maybe jump forward a couple of years so, and I want to refer to the ... because I'm still looking at the adequacy of board oversight in regard to internal controls and to ensuring that risk was properly identified, managed and monitored which is what we're talking about now. And I'll go to core document AIB B17 ... B1 ... page 79 and 80. And this relates to EC, under EC treaty rules...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: So would you believe that, going back to our earlier discussion on the earlier question, that at board level, was there enough attention being paid or was there enough cognisance of the concerns that may have been operating in the banking model operated by AIB at that time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: And would you see the comment you just made to me as then being congruent with the position that AIB acknowledges its decision to expand into property was misguided and that its risk management and internal governance systems were not as effective as they should have been in controlling this risk?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Which an examination of that period as opposed-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Okay but you would see that ... both your position and this position as being congruent?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Okay, thank you very much. I now propose that we take a break and that we return at 11.25. Is that agreed? Agreed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Okay. Everyone back in the room and seated and, this is to remind myself as well, with their phones readjusted to flight mode. We will resume business, okay? All right. So, I am now bringing the meeting back into public session. Is that agreed? Agreed. And just one other matter there, Mr. Buckley, before I bring in Senator O'Keeffe, is if I could just come to yourself, maybe just to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: And during that time, because I know you retired in 2005, but how would you maybe characterise the bank's relationship with the Financial Regulator in the period from 2003 until 2005? Mr. Gleeson gave a kind of analogy last week about referees and the relationship, that teams on the pitch have a referee. How would you describe your relationship?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Mr. Gleeson, my apologies. Mr. Gleeson, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: So, during the visits by the Financial Regulator, did the bank ever contact the ... subsequently then financially ... or contact the Financial Regulator or the Central Bank Governor directly in respect to any issue arising from a supervisory visit from the Financial Regulator to your bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Mr. Gleeson, in his testimony last week, as I said, familiarised or kind of similarised the role of the regulator as being something like a referee. Now, if to develop upon Mr. Gleeson's analogy of ... a sporting analogy, referees in different codes of sport have different responses to them. In rugby, if the captain acts, operates in a very, maybe, described as a gentlemanly sort of role...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Thank you. Senator O'Keeffe, ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Deputy John Paul Phelan. Deputy, ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: The document that was displayed earlier, Deputy Phelan. Yes, okay. Fine.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Your final question now, Deputy.