Results 10,301-10,320 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: How much would a valuation cost? Approximately, a standard?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: €150? And 1% of the sale of a house for €100,000. How much would that be?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Okay, so it is about seven or eight times the cost of a valuation, yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: So in profitability terms, there is a ... the profit margin on a sale or a valuation, which provides a greater potential for profit?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Okay, I want to talk about the kind of ... the particular years when we saw massive house price inflation, here it was going up multiples over a period of time. What was the ... what would be the standard percentage rate on a sale from an auctioneer or an estate agent? How much ... would it be 1%, 2%, 3%?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Okay, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: I understand, so let's just split the difference and say it was 2% national average at aggregate figure or it is 1.5%. The point that I would like to be arriving at with you is this: when house prices were escalating at a rapid rate, were the profitability of auctioneers increasing in a similar fold?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Yes. The income. If you were getting 1.5% or 2% on a €100,000 house and five years later that house was selling for €200,000, it would have meant that your income would have increased by 100%.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Okay. Would ... did that present any thoughts within your industry as to whether these are great times or are these times of great concern?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: But the people purchasing houses during that time their wages were being increased on a kind of a steady rate, but the prices of the houses that they were trying to buy were increasing in multiple folds. Are you suggesting that auctioneers, that their wages or incomes were increasing like those people who were buying houses or were you in a different space that your incomes were actually...

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: I'm on about the firm now-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: We're talking about the firm's profitability, not the individual, because he'd be on a salary but the firm itself.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Okay, thank you very much. Senator O'Keefre.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: I can get a bit of phone distortion there.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Thank you. Deputy McGrath.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Senator Michael D'Arcy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Sorry Senator, what page of the document are you on?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Ciarán Lynch: Page 10. Thank you.