Results 11,661-11,680 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Yes. And that was your communication to consumers. You were also a member of the IFSRA at that time. What was your communication with them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: But at any time during that period, did you say at that board that: "There are concerns with regard to the duration of mortgage schedules, there are concerns with regard to loan-to-value ratios, there are concerns with 100% mortgages, and so forth, and we need to act upon them in a structural capacity, not just advise customers or banks to be mindful of these products"?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: That's not what I'm asking you, Ms O'Dea.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: I'm very, very clear about ... you're very clear here as to what you communicated to potential customers-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: -----of bank products. What I'm asking you is that you stated that you had an awareness of those, you were advising customers in the market as to your concerns about them, but you were also a member of the Irish Financial Services Regulatory Authority - you were on the board. What action were you advising the board to actually take, that it could go into banks or put measures in place or...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: But what were the guidelines and the rules because the 100% mortgages continued? It wasn't until 2009 that we saw significant changes by the Central Bank with regard to how mortgage values were done, how income ratios were looked at, how we saw recommendations with the reduction schedules and all the rest of it. So before 2009, what was actually happening?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Ms ... did the construction of a P60 ... or, putting inaccurate information into a P60, that's a criminal act. We knew that. That existed on the statute books ever before you came to work in this job. What I'm asking you is: what actions did you take with regard to the non-criminal aspects of banking lending practice? The adjusting of a P60 is a criminal act.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: The non-criminal aspect, the day-to-day banking behaviour, what were you doing? Were you saying that we need to go in and take a robust issue with these 100% mortgages, we need to take a robust position on these loan-to-values, we need to take a robust situation where people are now moving from 20 years nearly out to their entire working lives to pay for their mortgages?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: I'm not talking about the consolidating loans; young people going in to get a mortgage from the get go were moving into 35 years. It wasn't a case that they had a mortgage and a holiday home, and a car, and maybe a credit union loan, and it was all being bundled into one. New home owners coming into the market were buying homes at eight and nine times their average incomes, which was an...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Well. there's a difference between a code and a law, Ms O'Dea. A law is something that is enshrined in statute and is a criminal act if it's violated. A guideline is something that, we, we would like you to do this and we'll talk to you more about it if you don't.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Final question on this. Did it work? And then I'll bring in Deputy McGrath. Did those measures actually work? Did it stop mortgages going up to 35 years? Did it stop income ratios increasing where people buying a home for the first time would have been traditionally buying a home in three to four times their household income were now buying it on ten times plus? Did your intervention...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Deputy McGrath.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Senator O'Keefe.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Senator D'Arcy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Just to give a reference to that, it was when Ms Mary Burke was in before the inquiry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Re the interpretation or the application?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Deputy O'Donnell. Deputy, I'll bring you back in but I'll go to the next questioner, if you wish?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: I'll move on.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Okay, well get to the point so, please, yes?