Results 12,741-12,760 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Thank you. Senator D'Arcy?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Thank you. I just have two things to wrap up, Mr. Beausang, and we're done. One is, there's a document going to come up in front of you there, it's the minutes of the very first meeting of the domestic standing group, and if you look at minute one, "Role of the DSG", midway down the paragraph, it says, "The DSG will operate at a macro level overseeing the financial stability environment...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: 6 March 2007.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: It's a note of a meeting between the Department of Finance and the Central Bank Financial Services Authority-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: -----re initiating a domestic standing group for crisis management, financial stability, and it's a meeting of 6 March 2007.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Okay, well what we'll do is go look at the other minutes of it and we'll see if that minute was overruled, or if different terms of reference was actually put in, but you would accept that that minute is correct for that meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: All right. I just want to go to one other thing. There's a document I referred to earlier before we went to the break, with regard to this Financial Stability Issues - Scoping Paper, and we established your relationship with that. I just want to go through just a few bits of that with you very briefly, okay? If I can move on to page 10 of it, and it's "3. Scenario 1 - An institution that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Okay. So, how does that square with the comment on the end of page 15 that the main principle contained in these instructions is that a letter which expressly or by implication gives a guarantee or undertaking not already authorised by legislation, should not in any circumstances be issued? The CBFSAI's view is that a letter of comfort from the Minister to cover the subsequent risks would...

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Okay. By your full analysis and with the benefit of all the information that has to come to light, were you in scenario 1 or scenario 2 that night?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Scenario 1 is an institution that is illiquid but insolvent and scenario 2 is an institution that is insolvent or approaching insolvency.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: It's another-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Okay, so I'll put the question to you again and amend it. By your full analysis, were you in scenario one, two or three that night?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: Okay, thank you. All right, with that said, I'm going to bring matters to a conclusion. Is there anything further that you would like to add, Mr. Beausang?

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Ciarán Lynch: With that said, I would like to thank you for your participation with the inquiry today, Mr. Beausang, and for your engagement with it. The witness is now excused and the meeting is now adjourned until 9:30am on Thursday, 25 June 2015. Is that agreed? Agreed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Ciarán Lynch: As we have a quorum, the Committee of the Inquiry into the Banking Crisis is now in public session. And can I ask members and those in the public Gallery to ensure that their mobile devices are switched off. Session 1 of today's hearings is a discussion with Professor Patrick Honohan, Governor of the Central Bank of Ireland. In that regard, I would like to welcome everyone to the public...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Ciarán Lynch: Before hearing from the witness, I wish to advise the witness that by virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their evidence to this committee. If you're directed by the Chairman to cease giving evidence in relation to a particular matter and you continue to do so, you are entitled thereafter only to a qualified...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Ciarán Lynch: Governor, thank you for our opening remarks. We'll get questioning on the way, and if I ... in doing so, can I invite Deputy Pearse Doherty. Deputy, you have 25 minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Ciarán Lynch: Thank you very much, Deputy. Thank you, Professor Honohan. Deputy Eoghan Murphy, 25 minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Ciarán Lynch: Last question, Deputy, very last question.

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Ciarán Lynch: Thank you very much. I'll just deal with a couple of matters and then I'll bring in the other questioners, Governor. Governor, I just want to look at the 2009 period when you came in and what measures were maybe brought in to tighten up the system or to toughen up the regulatory regime. And if I could ask you, what changes did you implement in 2009 to ensure the appropriate supervisory or...