Results 13,901-13,920 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay. Was it for AIB or Bank of Ireland in general that this legislation was prepared, or was it prepared in general on the basis that it would be enacted, and it would appear now that it was never going to happen?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Just on the general theme of the negotiations that you were involved with the EU Commission, the ECB and the IMF in mid-November 2010, if those discussions had been, let's say, scheduled to take place at a later time, they may not have commenced, let's say, 'til January or February of the following year, would the ... would there have been any significant or measurable change in the overall...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay, thank you. May I just propose that we take a very short break and try to return in and around 11.30 a.m., if possible? Is that agreed? Agreed. In doing so, just to remind the witness that once he commences giving evidence to the inquiry he remains under oath, and is free to his own legal team if he wishes to speak to during that period of time. Okay? Thank you. So to resume in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: I now propose that we go back into public session. Is that agreed? Agreed. Our ... continue our engagement with Mr. Corrigan of today. If I can invite Deputy Eoghan Murphy please. Deputy, you have ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

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

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Thank you very much. Deputy Joe Higgins please. Ten minutes, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Have you had that document, Mr. Corrigan, no?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay, can I just stay with that theme there, Mr. Corrigan, as we, kind of, move towards the wrap-up and ask you did the National Treatment Purchase ... sorry, the National Pension Reserve Fund Commission or ... review did it ... did they review their discretionary investment strategy in light of the directed portfolio instruction and was there any risk ... or any risk review taken of the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: But, in the overall scheme of things, was there any discussion regarding the appropriateness of the National Pension Reserve Fund being used for such a purpose?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay. So on the position of risk and return, which are two significant factors in any level of investment, are you saying that having 60% of total funds invested in two Irish banks that that was considered good risk and good return?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: I'm saying to you, having 60% of the portfolio invested in two Irish banks, in terms of risk and return, would ... was that considered a good risk and a good return by the National Pension Reserve Fund and the NTMA?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay, thank you. Just a final question. One of the key requirements was your ability to fully inform potential investors regarding progress in consolidating public finances, recapitalising and restructuring the banks and regaining competitiveness. You also referenced a statement by the ECB President that the ECB was prepared to do whatever it takes to save the euro. So, Mr. Corrigan, can...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay, thank you. We'll move to wrapping things up, so. Senator O'Keeffe.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Now, Senator-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Okay, thank you. Deputy McGrath.

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Thank you very much. I think the NTMA's position on NAMA has been covered but maybe if we could just revisit one aspect of it with you, Mr. Corrigan, before we close and just comment upon the assessment and reaction by the NTMA to Dr. Bacon's proposal in general?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Ciarán Lynch: Was multi-banked that big lenders had loans from various institutions, cross-securitised and so forth, yes?