Results 12,341-12,360 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: We will go back into public session, is that agreed? Agreed. And now we're back in public session, we were just talking about liquidity and solvency matters there, Mr. Cardiff. Maybe if you just want to give some context to that and then I'll bring in our next questioner, Deputy Higgins.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Thank you very much. Deputy Higgins. Deputy you've ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: I'll allow you back in then Deputy Higgins, Mr. Cardiff.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: If I could come in for a second, Mr. Cardiff, so there is no ambiguity about this, the engagement that the inquiry had with you is equal or commensurate with every other witness that we have actually had. So I wouldn't have it for a situation, at all thought suggested, that you or any other witness has been treated differently to any other witness. Deputy Higgins.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Fine. Deputy Higgins.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: I actually stopped the clock.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Now, I did stop it, Deputy. I'm sorry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: It's on your screen there, Mr. Cardiff, as well if you want to see it. It's on the screen, I'm just saying-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Deputy, I'm going to move on. Deputy, you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Go on.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: And I would appreciate you not going into a hearsay, as you've said as well, Mr. Cardiff. Deputy Eoghan Murphy. Deputy, you've ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Deputy, you have to wrap it up now.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Okay, thank you. Mr. Cardiff, before I move on to Deputy O'Donnell, I just need to ask you one question. From the period of 1998 to 2008, if you could please describe the general nature of the advices, if any, that you provided to the Minister and Government on the risks associated with the trebling of expenditure, especially the growing dependency on construction-related economic activity...

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: So, maybe if I could maybe draw upon that analogy of stepping on the brakes, there maybe is a case to check the brakes every now and again and make sure that the brake discs and the shoes inside there are actually in order and if I could take you through the following graphs. The first one up there is the increase in credit between property and other sectors excluding financial...

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: So what there is, is ... there is all these escalating ... it's not going downhill, there's all these massive cyclical taxes as percentage of revenue massively up ... total revenue moving massively up, credit rate of credit advance to households we see dropping and credit rates instructions going up quite significantly, percentage of commercial credit for construction, so on and so forth....

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: But the point I'm making, Mr. Cardiff, is that this is not new information uncovered by the inquiry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: This is factual information that was to hand------

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: -----to economists, to the Central Bank, to the Department of Finance, to Government of the day and everybody else. So, it's not a case of, "Well, we know this now, we didn't know that back then", it was known back then. And this would show that there was 24% of the Irish economy in construction. It would show that if there was to be a slowdown there, that there was a relationship between...

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Okay.