Results 15,401-15,420 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay. With an earlier question there that I put to Mr. Walsh when he was in earlier - and I can pull up the document again - I think that figure of €635,000 you mention seems to ring a familiarity with ... that the sum should have been £0.5 million but ... the ... in a report by the regulator, there was actually a comment about a sum of that size. So was that sum actually beyond...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay. So it is the £500,000 instead of €600,000. All right. So once it went beyond the old £500,000 - £0.5 million - he would then need board approval, yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay. Did he ever issue loan cheques to borrowers and later seek board approval retrospectively?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Are you aware of any cases?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay. Did the board reject loans which were submitted to it by the credit committee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay. Can you ... maybe without getting into the specifics of customer transactions and customer confidentiality, could you maybe give us a general example?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: So, in that regard-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: So, are you also saying that there were situations so where the board seek ... or sought additional information from the credit committee before approving loans?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: To the suggestion ... to maybe just to get your own comment and opinion on ... to the suggestion that credit committees can be rubber stamps and ... was there ever ... that never would ... that never go against management ... a managing director's decisions to grant loans? Would that be a fair or unfair description of the credit committee in INBS?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay. But by your own observations?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay. And at a board level, did anyone on the board every challenge the overall lending strategy? In particular, did anybody on the board ever challenge the practice of taking equity stakes in developments in exchange for 100% funding?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay. That's not what I am asking you, though.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: There was a particular model that was being operated by Irish Nationwide Building Society. Usually, if somebody went into a bank, they'd get a loan-to-value of 80%, 20%, 60% or whatever, and they would have to come up with some cash themselves. Irish Nationwide, if I'm correct, and you can correct me if I'm wrong, operated on a basis that they gave 100% funding but on the basis that they...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay. On a review of that lending practice, how would you consider that now?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: In terms of a recommendation to this committee going into the future, how would you view such a practice?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: In ... I concluded with a question to Mr. Walsh earlier, Mr. Purcell, and I'd put the same question to you. And that is, Mr. Purcell, that this inquiry, in preparing for the public hearings, gathered hundreds of thousands of documents. For today's hearing regarding INBS, documents from the Financial Regulator's office consistently and repetitively over many years expressed concerns...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Ciarán Lynch: You have a far, far greater experience of banking than I have, Mr. Purcell, and I would acknowledge that right from the get-go both in terms of experience, time in the job and all the rest of it. And you may or may not observe things better than I would just in terms of general detail, but ... and I am sure, maybe I'm wrong, that you would have maybe observed some of the testimony of the...