Results 12,401-12,420 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Right, Mr. Cardiff-----

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

Ciarán Lynch: Mr. Cardiff, I'm very mindful that you're coming back in to us next week. I'm very mindful also that we have two more witnesses that we need to get through this afternoon, so I'm going to conclude that there and I'm going to bring in Senator MacSharry. We'll move towards the end of this morning's session with you or now it's this afternoon's. Senator Marc MacSharry.

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

Ciarán Lynch: I'll allow Mr. Cardiff to come back in here now.

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: I'll allow you a minute or two there just to discuss with Mr. Cardiff-----

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

Ciarán Lynch: This is your final question, Senator.

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

Ciarán Lynch: Okay. Okay.

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

Ciarán Lynch: Deputy ... Senator, I have to wrap you up.

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

Ciarán Lynch: I have given-----

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

Ciarán Lynch: Thank you very much. I just want to move things to a wrap-up so with yourself, Mr. Cardiff. I'll invite the two leads in after that. And I just want to revert back to the Merrill Lynch advice and to ask you did Merrill Lynch change their views on the guarantee issue between 26 September '08 and 29 September '08? In that three to four-day window, was Merrill Lynch's view adapted, changed...

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

Ciarán Lynch: So they were consistent with one another, you would say, yes?

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

Ciarán Lynch: Okay. All right. If I could maybe ask you to outline who took the decision to commission external advisers and on what basis were the particular advisers chosen? And this is in particular reference to decisions to commission Goldman Sachs, PwC, Morgan Stanley, Merrill Lynch International and so forth.

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: Morgan Stanley and Merrill Lynch?

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

Ciarán Lynch: I just want to make reference there to page 35 of your statement, Mr. Cardiff, and to, kind of, put the question to you as to how did it become clear and what analysis highlighted that there was not a sufficient understanding available from the Central Bank and regulator of the internal workings of the banks, which were apparently in difficulty, as referenced on the page I mention? And, I...

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

Ciarán Lynch: It's page 35 of your statement.

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

Ciarán Lynch: Yes, it's the ... at the very last paragraph there and it's half way down through the paragraph. You say, "That afternoon, Matt Pass, one of the Merrill Lynch team informed us that Standard and Poor's, an important credit rating agency was likely to issue ...". It's actually on the screen in front of you there probably at the moment, I'd say.

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

Ciarán Lynch: Okay. You've a footnote, No. 10, I think, actually under that.

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

Ciarán Lynch: Yes. It seemed to have been a perfect storm for the banks. I mean that every conceivable difficulty, credit rating ... and compounding then into how credit would be ... would be acquired and a whole cycle. So the question I'm-----

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

Ciarán Lynch: Yes.