Results 14,461-14,480 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Mr. O'Flynn, related on the NAMA operation again, NAMA adopted five approaches for managing debtors. Basically, there was a menu of them there, about five approximately. One was full loan restructuring;, two was partial loan restructuring; three was disposals links to key milestones; four, agreed disposable programmes; and five, enforcement. Typically, one of these approaches was applied...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay. And, in taking those approaches, would you have considered them fair, benign or adverse?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: And on that broad range of, sort of, operations, because I ... with trying to comprehend the complexity of such a situation going in there ... and there are so many parties to it and so forth - banks, your own organisation, subsidiaries and so forth - and then debtors and creditors and everything else, was there any time during that period where NAMA gave assistance to any creditor issues...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: I'll move on to the whole, sort of, exiting of NAMA in a moment but maybe if I can just get a picture. When was the last significant big project that you undertook where you borrowed significant sums prior to the whole business product going south?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Pardon?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay, and what was the cost of that development, about-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay. And had you ... were you commencing other developments in and around that time where you had sought funding as well?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: I remember the Elysian when it was built and the one abiding memory I have of it, Mr. O'Flynn, is I think that a one-bedroom apartment in it was something like €385,000 and you could get a Porsche kitchen put in for about €100,000 on top of that. I think it might be cheaper to buy the car and you would have had a better investment in the long run, but you could get a ... at any...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: I don't think it did. Maybe I ... I could be incorrect there.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: It would be a one-seater Porsche if that was the case, Mr. O'Flynn.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: And-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay. This is my final statement, then I just propose we take a very short break. You say, on page 5 of your statement, that NAMA embarked on a strategy of asset disposals which you believe ultimately cost the State dearly. As assets disposals were - and still are - linked to the redemption of senior bonds, as agreed with the troika, in your opinion, what should NAMA have done differently?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: And just on that, on a general rule then - it's my final, final question - is ... was there ever any vast differences between your internal valuation and external valuations?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay, well if ... a significant-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Thank you very much, Mr. O'Flynn. I now propose that we break for just five minutes or so, for a comfort break. Just to let you know that you are still under oath. You can take advice from your own ... your own team, if you wish ... if you wish to do so and we'll return and you're still under oath. Just before we go into ... I just, very quickly, just on a housekeeping matter, I now...