Results 14,841-14,860 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Okay. You're better at the books, it would seem, Ms Tinney, than the screen. That's good.

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

Ciarán Lynch: I suffer from that myself.

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

Ciarán Lynch: Yes. Are you familiar with that? Were you ... was that e-mail or correspondence brought to your attention, was it?

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: I'm sure it does.

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

Ciarán Lynch: Yes, I just want to move on to another document there that's ... that I discussed with Mr. Merriman as well this morning. This will come up now in a moment. Basically, just to familiarise yourself with this, this was post the guarantee, it was where different Irish institutions would purchase bonds and short-term money off one another, create activity in the Irish market and there was ......

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

Ciarán Lynch: Okay. And this is the one here; here you go, yes. In that correspondence, if you look at the top of the page, it says: Fidelma Clarke outlined the basis of two proposals in relation to Treasury limits and programmes arising from the implementation of the Government Guarantee Scheme. Papers had been circulated prior to the meeting. And it talks about the counterparty limits then. These...

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

Ciarán Lynch: St. Patrick's Day.

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.

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

Ciarán Lynch: Okay. And on a related matter, prior to this, the NTMA were quite ... we have it here from testimony from NTMA witnesses - Mr. Somers, in particular - that they were not putting any money into Irish Nationwide Building Society whatsoever and they were not going to put money into Anglo unless there was a ministerial direction and order-----

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

Ciarán Lynch: -----signed by a Minister to do so, which ... and that was way back in 2007 those concerns were there.

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

Ciarán Lynch: Were you familiar or was the board familiar, with that the NTMA had concerns with regard to these institutions?

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

Ciarán Lynch: Sure.

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

Ciarán Lynch: Okay. Okay, and just while we're, kind of, at an observational level, in this period was there ... can you recall ... I'm not generalising, but specific concerns with regard to any co-operative business that you might be doing with those two institutions, Irish Nationwide Building Society and Anglo?

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

Ciarán Lynch: During that period-----

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

Ciarán Lynch: -----of the post-guarantee period-----

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

Ciarán Lynch: -----was there ... and the kind of matters I'm relating to now, would ... can you recall specific instances at board level where it was expressed that there would be concerns in regard to doing cross-transactions with either Irish Nationwide or Anglo?

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

Ciarán Lynch: Okay, just finally, on the issue of - just one final thing - was any ... this is an entirely different, related matter, so just to allow you to get your head into that space. Was any consideration given to the fact that, during this period - this is the review plan from 2004 to 2008 now, this is - that a ... that other banks in the Irish market were also seeking double-digit growth? In your...

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

Ciarán Lynch: Only one team can actually win the cup but the policy seemed to be that everybody was going to win the cup at that time. Was there any concerns that, if everybody was to meet their target, and if EBS was to meet their target, was that actually achievable and what would the outcome of it actually be, if everybody was to grow so exponentially over a very short period of time?