Results 15,501-15,520 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Mr. McGann, these books would have been furnished to you weeks ago.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: I would have assumed that you would have read over them during that period of time, so I would be assume that this would not have been the first time you would have seen this figure, when Deputy Higgins raised the question with you. So I will be expecting a broader answer to that question, than just, "This figure is kind of new to me".

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Yes, okay, so you had time to think about it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: So maybe you could respond to it a bit further.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Joe, I just want to stay with this for a second. I've stopped the clock for you there. If you can continue on the figure there for a moment, so.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: That's a prejudgement now, Deputy, and the witness is here to testify, not the member.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: I remind you, Deputy, between the difference between giving evidence and asking a question.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Allow time for a reply now, Deputy Higgins. Mr. McGann?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Final question now, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Thank you very much. If I could just, maybe, deal with two matters myself. I just operate with the books at the moment, with you, Mr. McGann, and it relates just to ... it's Vol. 1, page 58. It's an extract from Anglo's risk management report 2008 and in it, Anglo's monthly risk management report notes on the continuous basis that the bank is in excess of the Financial Regulator's single...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Maybe, correct me if I'm wrong here, but, as I understand it, Anglo wasn't a high street bank. You wouldn't find it in your local town or village.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: It didn't have ATMs around the country and it may have had a mortgage book but its mortgage book wouldn't have been its main body of work.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: So, Anglo's ... and bearing in mind as well that construction in the country at that time accounted for 24% of the Irish economy, which was twice above the recommended norm. Construction should account to about 12%. It's at 6% at the moment. They're moving upwards again, which it needs to get back to a sustainable rate of 10% to 12%. But, at that time, the construction in the country was...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay. And were you satisfied with any of the explanations that you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: But with the ... NAMA's testimony to this inquiry in terms of how loans were actually being funded was, if I could give an example, a person would maybe, from the get-go, at the very, very first development, would maybe get a loan-to-value situation where they might have to come up with 10% or 20% or 30% of the cash. But, because we were in an escalating and hyper property inflated...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: And, as I articulated it, would you consider that an accurate articulation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay. Moving on again just to another document, it's Vol. 2 of the court documents, which is page 27, transcript of public hearings dated the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: It's Vol. 2, page 27 and it's a transcript of public hearings that we had with Mr. Brendan McDonagh. And, NAMA, when they were before us, and in information that they provided, estimated that circa of around €9 billion of interest roll-up was included in loans transferred to it by five banks. €3 billion of it related to Anglo, and I'll just go to the testimony there. It was...