Results 14,021-14,040 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Thank you very much. Deputy John Paul Phelan. Deputy, ten minutes.

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

Ciarán Lynch: We're over the 9 o'clock threshold now. I'll give you a bit of leverage.

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

Ciarán Lynch: Please. Thank you very much. Mr. McCarthy.

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

Ciarán Lynch: We might go on the 10 o'clock threshold.

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

Ciarán Lynch: Thank you very much, Deputy. I'll just wrap up with a couple of questions, Mr. McCarthy, and then Ill invite the two leads to wrap up as well and any closing comments you may wish to make yourself. I just want to bring a minute up on the screen there just for a moment. It's in your own book of evidence, its DOF01B02. It's a minute of a meeting where there is a discussion with liquidity...

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

Ciarán Lynch: Maybe if you could just briefly outline as to what the agenda of that meeting was discussing.

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

Ciarán Lynch: Right. Given the nature and the seriousness of obviously what was being discussed here, could I put the question to you, Mr. McCarthy, when even approximately - I'm not looking for the specific hour or the specific date, but by approximation - did you become aware that the whole, say, borrowings situation presented a systemic risk? And how was this risk relayed to you, and by whom?

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

Ciarán Lynch: You think it was earlier ... approximately, just on a date line, quarter 1, quarter 2, if not even the month.

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

Ciarán Lynch: Of-----

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

Ciarán Lynch: 2008. No later than quarter 2 of 2008, okay. If I can just deal with one final issue then, Mr. McCarthy. There's a table in your evidence book there, and I just want to bring that up. And the two tables relate ... one is a ... it deals with sectoral lending volumes, in billions, and you can see a, kind of a, significant growth factor there from ... going from '01 into '02 and then a...

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

Ciarán Lynch: Okay. And putting aside concepts like groupthink, herd instinct, and all the rest, if somebody just arrived to these figures coldly, not taking on the, kind of, media environment or influences or anything, just looked at these figures coldly, should they be giving at least amber signals that there is potentially a problem here?

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

Ciarán Lynch: Okay, all right. So in your view was Government aware at that time that there was an amber light, to use that parlance?

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

Ciarán Lynch: Another part of the messaging at that time, Mr. McCarthy, is that they were preparing for a soft landing or the potential for a soft landing. You'd have been familiar with that messaging as well at the time. In regard to that messaging, are you aware of any evidence, and I'm not talking about commentary that's taken from third parties or external agencies that are not in Government but...

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

Ciarán Lynch: And that was an external ESRI report, that was not a Department of Finance report?

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

Ciarán Lynch: Okay, thank you. I'll just now move towards wrapping things up so, with your permission, Mr. McCarthy, and invite Deputy Murphy in to wrap up please.

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

Ciarán Lynch: Thank you very much. Senator MacSharry.

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

Ciarán Lynch: I'll allow Mr. McCarthy to make his own interpretation of it as well. You can ask the question but Mr. McCarthy gets to make the answer.

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

Ciarán Lynch: I have but I don't think we're in a situation here where I'd be giving Mr. McCarthy-----

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

Ciarán Lynch: Thank you very much. Have you anything else, Senator?

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

Ciarán Lynch: If that's bringing us-----