Results 14,761-14,780 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: One last question now, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Thank you very much.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Mr. Merriman, if I can maybe just deal with one brief matter with regard to the guarantee and I then want to move on to some other matters with you. Was there any discussions at any time with any other bank, the Central Bank, the Department of Finance in relation to the - excuse me - in relation to liquidity issues or solvency of any particular bank in the weeks before the night of the guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay. And there was nothing out there in the ether, by your recollection, in that regard?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay. If I can maybe just move then to the period subsequently after the guarantee, Mr. Merriman. And in November 2008 the treasury department looked for an increase in the lending lines to the other covered banks in order to invest in their unsecured debt and to have them reciprocate the same. This is the, kind of, green jersey thing. And on the screen there in the first two chapters,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Yes, okay: These events will result in Irish Banks attempting to access the market for senior unsecured debt. Integral to the success of the debt offering [...] is support from the domestic market. i.e. the banks will need to purchase significant quantities of each others bonds. So this is ... this is a direction that Irish banks will start borrowing money from one another after the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay. Right, in ... to what extent, in your opinion, did the board consider it was appropriate in this regard to pull on what was described as the "green jersey" and invest in such assets?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay. All right. The-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: As a-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay. As a suggestion that this was Irish institutions operating in a bubble ... if I can put this premise to you, that this was Irish institutions operating in a bubble, in a domestic market, ultimately just washing one another's laundry?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Indeed.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay. Can I just bring up there, a slide here, okay? The next document coming up, Mr. Merriman, relates to its EBS Building Society minutes of the board meeting held on 17 November 2008. So, it's the minute relating to the same date of the earlier transaction. And if I can just bring you to the second column to the right and just take you down some of the language here: Fidelma Clarke...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: I understand the context of it but there is also what would be, kind of, maybe real-time information at the time that people in the business would be aware of. Were you aware that the NTMA had reservations with regard to these two institutions and would not ... and had serious concerns with putting any of their own assets into these institutions?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Well, you ... no, I'm asking you were you aware-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: -----that the NTMA had reservations about these?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Sure. And so this is after the guarantee and you're now looking to be buying bonds from other banks and all the rest of it as a kind of means of a cross supporting one another.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Yes, I understand that.