Results 13,701-13,720 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: As to Mr. Buffett, I can give a little story about him. He was asked once what was the fastest way to become a billionaire and he says, "Buy an airline." Actually, it was the fastest way to become to a millionaire, he says "Start out as a billionaire and buy an airline, you'll be a millionaire overnight." So, once it's not adding to the colour that I'm adding to here, Mr. Quinlan, we'll...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: There's a phone there going off. Wherever they are, they're coming off that microphone there, please. If you turn them off. Sorry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: That is leading now, Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: Okay. All right.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: Wrap up there, Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: Thank you very much, Mr. Quinlan. Deputy John Paul Phelan.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: Thank you very much. I'm going to start moving to wrap things up Mr. Quinlan and I'll be inviting Deputy Higgins and Senator O'Keeffe back in a moment. But if I can just deal with a couple of matters there first. One is the ... and I want to ... concentrating on the business model in general terms. The Central Bank in the assessment of the valuation processes that were carried out,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: The-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: I don't think I ... I'll press the question with you, I don't think it's actually relevant as to the date of the report. The report would refer to the model in which the ... but I can put it up for you for a second. The report is actually 2011 but it is looking at what was called ... we can engage with euphoric recollection of what actually happened between 2000 and 2008 but the purpose of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: And you have been possibly the biggest developer in this country during what would now be called the crisis years. So that's why I'm putting that question to you. So if ... we can get pedantic about the dates, if you wish, but what I'm asking you very specifically is, did you encounter that valuation ... those valuation weaknesses, as identified by the Central Bank, and, if so, how...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: And as the equity was growing in the property portfolio and the loan-to-value requirements were being met, was the equity in existing properties being offset then to meet the loan-to-value requirements, so there was actually no cash deposit or cash transaction?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: Okay. All right. And did you observe any differences between the Irish banks and non-Irish banks which you engaged with in the level of rigour applied to valuation requirements?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: And in regard to the model that I was just speaking about earlier - we're in a property market with a high level of inflation operating in it where development A's equity would then become the deposit base for the next development and that would meet the loan-to-value requirements - was that operating outside of the Irish jurisdiction?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: In what other jurisdictions would you have seen that model in operation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: In the UK, which had upward-only rent reviews as well by the way.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: But in any other jurisdiction where there wasn't upward-only rent reviews?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: What was the requirement in Germany?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: Did Germany have a property crash any way similar to what happened in Ireland?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Ciarán Lynch: Yes. Was the Irish property crash a domestic creation or was it, on balance, an international phenomenon?