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

Ciarán Lynch: I now bring the meeting back into private ... sorry, public session, is that agreed? Agreed. All right. We're now moving on this afternoon to session 2, which is a public hearing with Mr. John Moran, former Secretary General to the Department of Finance. The Committee of Inquiry into the Banking Crisis now resuming in public session and can I ask members and those in the public Gallery to...

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

Ciarán Lynch: So once again, welcome before the inquiry this afternoon, Mr. Moran, and if I can invite you to make your opening remarks to the committee, please.

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

Ciarán Lynch: Sorry, Mr. Moran, there's a musical interlude. I'll get rid of that and we'll come back to you okay?

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

Ciarán Lynch: That's another yellow card issue there by the way. Mr. Moran.

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

Ciarán Lynch: It interferes with our systems, Mr. Moran. I'm sorry.

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

Ciarán Lynch: Sorry, I'll have to suspend ... sorry Senator, Senator. I'm just going to suspend for a moment there until we get the audio under control.

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

Ciarán Lynch: If I can invite Mr. Moran to continue, please.

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

Ciarán Lynch: Thank you very much, Mr. Moran, for your opening statement and our first questioner today, with 15 minutes, is Deputy John Paul Phelan. Deputy.

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

Ciarán Lynch: About the terms of reference there, now, if you're, kind of, putting-----

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

Ciarán Lynch: I'll allow it for a moment but if it's-----

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

Ciarán Lynch: Okay, fair enough, okay.

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

Ciarán Lynch: There's an inquiry that's dealing with those matters now.

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

Ciarán Lynch: I ... I ... in terms of the terms of reference I ... we can go through personalities and the relationships ... were dealing with a systemic crisis and the pick-up in the aftermath. If the ... I don't know if it's important that even if the 11 of us get on with one another, once we do a job. So, unless if you can locate this back into the lines of inquiry, Deputy, I'll be asking you to maybe...

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

Ciarán Lynch: Deputy, a supplementary if you have one?

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

Ciarán Lynch: Thank you very much. Next questioner is Senator Sean Barrett.

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

Ciarán Lynch: Let me reframe that question for Senator Barrett, because it has come up here, is that you had traditional, conservative banks that lasted for sometimes ... almost millennium - well, certainly for centuries, and that, in a very short period of time, became maybe a different type of company and consequently ended up in a crisis or in a bankrupt or insolvent position.

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

Ciarán Lynch: Sometimes the culture, how financial institutions manage themselves-----

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

Ciarán Lynch: Yes.

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

Ciarán Lynch: Thank you, Senator, I'll bring you back in ... in a moment, later on. Deputy Joe Higgins. Deputy, six minutes.

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

Ciarán Lynch: Final supplementary, Deputy.

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