Results 11,761-11,780 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Thank you. Senator O'Keeffe?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: There's interference there now, Senator, coming from somewhere.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: So, with that said, I'd like to bring matters to a conclusion now with you, Mr. Roux, and to thank you for your participation today with the inquiry and for your engagement with the inquiry and to formally excuse you, as I propose that we suspend the meeting until 2.20 p.m. No.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Until 2.55 p.m., and we'll return at that time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Great stuff, is that agreed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Okay, so, with that said, I now propose that we move back in to public session, is that agreed? And we deal with session 3 this evening ... or this afternoon's public hearing is with Mr. Tom O'Connell, former assistant director general and chief economist, Central Bank. The Committee of Inquiry into the Banking Crisis is now resuming in public session and can I ask members and those in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Okay. I thank you again, Mr. O'Connell, for being here this afternoon and if I can invite you to make your opening remarks to the committee, please.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Okay, thank you very much for your opening comments, Mr. O'Connell. And before I bring in the lead questioners, I just want to locate and clarify a couple of matters with you. As the economist in the Central Bank, did you actually sit on the board, or attend board meetings, and engage actively with presentations and discussion and contributions at board level?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: So you'd have been at boards on an invite and occasional level rather than each and every given board member ... meeting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Okay. So in that regard can you remember any CBFSAI board discussions, or discussions between your department and the senior management of the CBFSAI on the rather positive message conveyed in the 2007 financial services ... the stability report, the financial-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: And you would have been part of putting together that report in-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: For clarity purposes, the 2007 report is a reflection of what's happening in 2006?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: We'll come on to that in a moment.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: But I just want to stay with a particular area with you, and I'm very grateful if you want to expand again later on, Mr. O'Connell. But Professor Honohan called this report and the message that was invoked in it "a triumph of hope over reality". It's in the Honohan report, section 6.45. Would you care to comment upon that observation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Under questioning two weeks ago, when Patrick Neary was in, on putting together the report and how the tone was set in it, and everything else, I put a number of propositions to him that late 2006, a discussion about the future of stamp duty had come on the table. I think it was the ... Michael McDowell, sometime in or around early September 2006, made a comment about it, the housing market...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Just returning back to that report, Professor ... or, sorry, yes, Patrick Neary was also on record as saying that the tone of the financial stability report for 2007 was very much set by the Governor and the board, that that ... the final narrative in that regard. I'd like to focus upon your specific role, however, and in your statement you state ... and this is in general activity in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: I'll ... I'll give you two examples there. It'll come up on the screen at the moment, you say, "when around 2005, ... Alan Barrett had expressed a view in an ESRI Quarterly Economic Commentary that the banks were in a rather fragile state, I was instructed to request the Director of the ESRI to ensure that such comments were not published in future". You then go on say, "In the 2007...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: But what was the rationale for ... can you explain just the rationale as to why ...whether you call this a censorship or an editorial position or trying to create a particular narrative on something, what was the rationale underpinning all this?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: To come back to the question I'm asking you, you say you were instructed to request a director of the ESRI to ensure that such comments were not published in future, and then you say "a deliberate decision was taken to delete the conclusions of a research study updating the extent of the overvaluation of Irish property prices". Now-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Ciarán Lynch: Did you?