Results 15,581-15,600 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Could I maybe reframe that: the industry took any challenging view towards it seriously and decided to engage in it in a very serious manner?

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

Ciarán Lynch: I've just one interjection there on that, just sorry. Was ... in terms of a strategy or a ploy, was Anglo engaged in a similar ploy? You said that you'd all these parties that were trying to increase their share fold or to make share ... share drop, to present a best image of themselves; big PR campaign; very challenging and aggressive position to anything that might challenge the corporate...

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

Ciarán Lynch: And your engagement with these personalities, was that part of the strategy to ... by Anglo to challenge any dissenting or critical views of it that might be out there in the media or in the marketplace?

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: Okay. My apologies. This can make up a bit of time there. Senator Barrett, back to yourself there.

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

Ciarán Lynch: How familiar were you with those processes, Mr. Moran?

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: Four times.

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

Ciarán Lynch: Thank you very much, Senator Barrett. Mr. Moran, if we might just stay with you for a moment, I just want to deal with one question and then I'll bring in the other questioners now that the leads have completed. Mr. Moran, in June 2008 Anglo prepared a financial projections for the 2008 to 2012 period. This is less than, what, four or five months before the guarantee and just about six...

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

Ciarán Lynch: Sorry. No, it's actually pages 17 to 23 of Vol. 2. That's where it is, sorry.

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

Ciarán Lynch: And the next document coming up on the screen is actually in Vol. 2, page 25. It's the Anglo annual report of 2009. And here what we actually see is that, in the event, the actual impairment charge at the end of 2009 amounted to 19.2% of the loan portfolio. So what was predicted was 1.2% and what actually happened was 19.2%. Did management get any external economic advice or input into...

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

Ciarán Lynch: Sure, yes.

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

Ciarán Lynch: That's correct.

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

Ciarán Lynch: There is a lot of figures and details there but I just want ... in terms of what were the top-line events that were actually happening around that time, Mr. Moran, is ... we have testimony here that there was discussions about the requirement to ... or the potential or the possibility of guaranteeing financial institutions in the State. There was preparations, at some stage or other of 2008,...

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

Ciarán Lynch: Okay, and, in that regard, did ... in terms of stress testing here, some of the kind of aspects of it, did the stress testing take into account correlations between types of property being financed - investment, development, speculative landbanks and so forth?

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

Ciarán Lynch: And that brings me to my next question - individuals. One of the notable aspects of the Anglo loan book is the short number of individuals and the great exposures that were there. Was that ever taken into ... as part of the consideration under stress testing?

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

Ciarán Lynch: Okay. You just said earlier - I think it was ... I'm not too sure whether it was to Senator Barrett - that you were not aware of the scale of the interest roll-up. As CFO, were you involved in producing the accounts for the bank?

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

Ciarán Lynch: So, in that regard, would this not have been a number that you would have seen when compiling the accounts?

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

Ciarán Lynch: I'll just come back to the question. Did you see the numbers when compiling the accounts?

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

Ciarán Lynch: Okay. If ... so you haven't ... do you think that this should have been a number that was transparent in compiling the accounts? Should it have been there when you were looking at the accounts?