Results 13,041-13,060 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: -----I will let you come back in. That ... by 2004 - and you're dead right - there was ... production in property and property investment continued and home ownership and all the rest continued afterwards. But Mr. Wright, in his report, is very critical of there being no counter-cyclical measures as far back as 2000 and 2001 and in his physical presence and ... when he gave his testimony...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: From cyclical taxes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Well, I'll try and explain to people, because it's a big learning curve for us all, and certainly for myself, what cyclical taxes actually mean. Cyclical taxes are in, kind of, layperson's term, a bit like overtime. This is extra money you're earning, but you don't plan your household budget on overtime. You might go out and buy a refrigerator, buy a Chinese on a Saturday night, or take a...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Thank you very much. Senator D'Arcy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Be careful of value judgments now, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: I'd ask a question rather than something that's conclusionary, okay?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: That was actually just €2.47 billion, I think, just under-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Sorry, Deputy, you have to allow fair time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: There is, and I'm monitoring it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: One supplementary, then Mr. McCreevy and then back to Senator and then moving on. Mr. McCreevy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Thank you, Senator. Senator Sean Barrett.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: We'll accommodate it. You're okay. Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: I was hoping to raise this question actually later with you in the day but Senator Barrett has actually touched upon the IFSRA and the accounting standards. Just a supplementary that I was going to kind of delve into it - in your witness statement, you mention the introduction of the SRA accounting standards added to the banking crisis and you had-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: And you've elaborated quite extensively there with Senator Barrett. So before asking you ... you've given your opinion and so on but what kind of struck me when I was reading your statement is that you described it as an independent body funded from a variety of sources. Do you know what the sources are?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Okay, it's about the independence, I just want to stick with the independence of the body. Are you aware that their biggest funders are the four biggest accountancy firms, PwC, KPMG, E and Y, and Deloitte, who last year contributed $2.5 million each. Ireland's Central Bank and Financial Services Authority gave £6,000 sterling. So how independent are they actually, given that the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: All right, Mr. McCreevy I don't know if Senator Barrett touched on this or not but I just want to come back to it as well, that the memorandum of understanding between the Central Bank and the Financial Regulator dealt with the responsibilities of both the ECB, CBFSAI and IFSRA, and this was the structure that you were discussing earlier. Was there clarity in what should be dealt with by the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: But apart ... just on the very short question Mr. McCreevy, was there an expectation when the architecture of legislation was being put in place, we were going to have this very elaborate structure, with two big pillars there; one dealing with regulation, and as you said earlier in your discussions, to be examining consumer affairs matters and consumer protection; Central Bank dealing with...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Okay, thank you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Thank you. Senator Susan O'Keeffe.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: The timeline is 2003.