Results 11,621-11,640 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: And was the authority then ... who, in turn, was the authority accountable to?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Do you mean the Financial Regulatory Authority now or are we talking to the overall board?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Right, you see, it's not now that it's like the Holy Trinity over there, it's a mystery that we have to understand any theologists, but I am trying to get a feel as to what is actually over there. Is it the board ... like it's the CBFSAI or whatever it was, there's the board above that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Is that the board you're talking about when you're talking about the authority?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay. I just want to wrap up on two themes that need to just be kind of sufficiently covered. Why, in your opinion, did the Financial Regulator, and not the Central Bank, as guardian of ... as guardians of financial stability, host the financial round-table meetings with the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Yes. Would they not have been more appropriate in that regard?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay, and can I maybe just ask you, as to the main purpose of these financial round-table meetings, were they to alert stability issues-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: -----or was the main purpose to affect moral suasion, to limit lending growth, and relaxation of lending policies?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay, and did you feel that the intended message of the banks was brought home?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay. Finally, just on that matter, do you feel that the banks were sufficiently aware of the risks of their business policies, their business models and their business products?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay, and I think you maybe just answered my next question for me, which was the type of products for home loans that were on offer between 2000 and 2006, were they a matter of concern for you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: So maybe if I can ask you then, which is the last question, why was nothing done by the Financial Regulator to prevent a further relaxation of lending policies well before housing prices were clearly overvalued?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: In this regard can we ... can I ask you, why was nothing done by the Financial Regulator to prevent further relaxation of lending policies well before house prices were becoming clearly overvalued? Like, what we have is a situation I ... when ... before you came to office, where somebody went down to get a mortgage, they had to put their income on the table, that was very heavily...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: By end of your tenure it was out to 40 years, there was 100% mortgages, there was ... the ratios were eight to ten times people's incomes, and it goes on and goes on, and the fallout which is massive negative equity, because all of this credit and the relaxation of the application process to get a loan was becoming so stretched that more ... to keep up with the increasing prices of houses...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay, thank you. I'm going to move. Deputy Doherty, you've five minutes, then followed by Deputy Phelan and closing comments from yourself.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Just wrap it up, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Deputy, this is your final question now.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Let Mr. Neary respond and then we will move on.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay, thank you. Deputy Phelan.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay, thank you. I'm going to bring matters to a conclusion. Mr. Neary, we've been here since 9:30 this morning; it's been a long dialogue. But I'm just offering you the opportunity, is there anything you would like to say by matters of conclusion or final comments or remarks?