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Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: I'll afford you plenty of time, Senator. There'll be no difficulty there. Taoiseach?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Okay-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Senator-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Senator, the question is leading-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: The witness ... you're entitled to ask a question and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: -----the witness is entitled to answer it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Sorry, if I just can intervene. The legal advice I have is that what ... the Dep .. or Senator can ask the question if he wishes. "Yes" or "No" is not ... is a direction to tell the witness how to respond. The witness is entitled to make his own position on how they will respond. And to assist in getting the fullest answer possible, if there are particular matters rather than generality,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Well, the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: I've given my legal advice on this. The question has been made. The witness can respond to it and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: -----unless we can move into a specific on this, I don't know. I think we will just be in a circular place on it, okay?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Senator MacSharry?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Allow him to answer now, please, Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Well, there is a majority-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Thank you very much, Senator, and I want to bring matters to a conclusion, if I can. And if I can put a question to yourself, Minister Bruton. Very simply, as Opposition spokesperson for finance, what level of contact did you have yourself with the banking sector during the growing crisis years, including that of the IFSC? During that period of time, were you subjected to lobbying by...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: One of the propositions that this inquiry will have to ... will test and has been testing is the following: that principles-based regulation was a universal framework in which all OECD countries and associated ... operated within, but a proposition could be made that light-touch regulation was an interpretation of it in this jurisdiction that made principles-based regulation ... or...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Okay. I had one or two other questions but Senator MacSharry actually took them for me, so I'll actually move on to the next ones. The issue of ... finally, is the issue of the soft landing and the general political consensus that could be proposed or suggested that everyone was very much in a groupthink, both Government and Opposition ... that everybody ... that, okay, there was going to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: But I-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: I'll return to the root of my question though, Mr. Bruton ... or, Minister Bruton. As a ... as if ... the senior person in opposition in any political party other than the party leader is the finance spokesperson. It is the person who engages in all the big operations inside in the House. You do it for Question Time, you do it for parliamentary questions, Ministers' question time, all the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Of course, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Ciarán Lynch: Okay.

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