Results 14,961-14,980 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Okay. So Haven ... the Haven model obviously gave you more high street ... high street outlets, a greater footprint across the country. Is that what you're saying, yes?

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

Ciarán Lynch: But a street presence, I'd assume.

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: And on the general ... so it became 40% of the ... of your new residential market.

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

Ciarán Lynch: Okay. That's on the aggregate actual figure.

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

Ciarán Lynch: As somebody whose job was to assess risk, did that have the same level of risk as the business and the risk assessments that you were doing or did it create less or more stringent assessment processes of new applicants?

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

Ciarán Lynch: Okay. So when the indemnity came through the broker model, did the broker deal with the mortgage insurance indemnities themselves?

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

Ciarán Lynch: Just explain that to me. If a person, myself let's say instance, was to walk into EBS, the way the package would be put together is I would have to have the indemnity insurance before you would sign off on my mortgage.

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

Ciarán Lynch: I didn't need to get insurance from you.

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

Ciarán Lynch: As part of the product.

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

Ciarán Lynch: Yes. If when a mortgage was taken out through EBS through a broker and the broker went to you and said, "Mr. Lynch's, here is his portfolio, his P60 and all the rest of it", how would the indemnity issue be managed then?

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

Ciarán Lynch: So there was a difference in the loan to value between what the broker was able to offer and what you were able to offer directly.

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

Ciarán Lynch: Okay. So on no occasion did the loan to value equalled what you were giving that brokers were actually presenting.

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

Ciarán Lynch: Okay, all right, thank you. I just want to move on to some matters relating to the lending period from 2003 onwards and just present a number of documents to you that are in your pack. EBS increased commercial and development lending significantly in the period from 2003 onwards. I'll just go through some of the slides that we have here. The first one here is actually this one that went...

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

Ciarán Lynch: Were Genworth your indemnity company? Were they?

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

Ciarán Lynch: Indeed. So were ... where were Genworth coming from this? Were they seeing that the product was getting out of control or that they want ... that they had concerns with regard to how much they were now exposed with regard to the risk? Where were Genworth coming from?

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: And did they?

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: Yes, okay. Did Genworth's costs go up, down or remain the same?