Results 12,021-12,040 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Thank you very much. I'm just going to wrap up with a couple of questions and then invite the two leads in, Mr. Patterson, and I just want to go back to some matters and that is that clear concerns were expressed by the regulator about the risk of asset growth at some banks before the onset of the crisis. Did the CBFSAI examined the possibility that this might be a systemic problem?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Sorry, the ... what I'm discussing in general is how the focus was applied by the Central Bank and the regulator on the underlying assets of the banks and consideration given to reviewing the quality of bank assets. So, in that regard, it would seem that clear concerns were expressed by the regulator about the risk of asset growth at some banks before the onset of the crisis.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: I would be talking from 2002 onwards and that will probably bring me to a question later on as to when the crisis was actually embedded by your view but during this time, did the CBFSAI examine the possibility that this might be a systemic problem?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Okay, so coming onto the second part of that so, when do you think the crisis was actually embedded? Not when the crisis was visible and in full flow. It is like a house collapsing. Sometimes the crisis begins when the house is actually being built because it's not being constructed properly. When do you think the crisis was embedded?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: That it was embedded by then or it was too late by then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Okay, right, thank you. Now can I also ask you to outline your view of the nature of the relationship between the Central Bank-Financial Regulator and the banking institutions and in particular, discuss whether criticism of this relationship was expressly raised by employees of the Central Bank or Financial Regulator's office and the nature of that criticism, if there was such criticism?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: And banking institutions, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Yes, for instance, one of the earlier witnesses here, I think it was Ms Burke-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: -----made, made an observation or gave testimony here that she would have seen senior officials arriving in and going up a floor above her and coming back out with ... and the question is what are they doing here, what does that mean?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Right.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: But could this propose and maybe you could clarify this as to whether they were both formal and informal channels of communications coming from both the Central Bank and the Financial Regulator's office during this period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: There's a famous line from "The West Wing" where two guys are walking down the corridor and there's a guy coming up the other side. And 'he's got the hump', as they would say in Cork. And one guy says, ''What's wrong with him?'' and he says, ''Well, he thinks decisions are still made in meetings''. That's what I mean by informality.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Okay. All right, thank you very much. So we are back to finishing matters off. So I can invite Deputy O'Donnell in to wrap up, please and then Deputy Doherty.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Thank you, Deputy Doherty.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Can I maybe rephrase it and ask you, were the financial stability reports an accurate reflection of what was happening at that time and what needed to be conveyed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Okay, thank you very much. With that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Yes, sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Ciarán Lynch: Okay. Thank you very much, Mr. Patterson. Is there anything else you would wish to add before we bring matters to a conclusion?