Results 15,621-15,640 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: I will wrap things up and then I'll finish up myself, on this occasion. Deputy Murphy, please, three minutes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Thank you very much. Senator Barrett.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: I just want to wrap up with a few matters there and just a couple of issues that were touched upon this afternoon maybe just so we can conclude with some further clarification upon them, Mr. Moran. I just want to return back to the interest roll-up figure again, €3 billion for Anglo, and your earlier testimony saying that you really didn't have an awareness on this until the core...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Okay, fine.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: All right. In your opening statement, you do state, though, that the financial function ... or that a function of yours was responsibility for financial reporting and management accounting. Am I correct in that? That was in your opening statement, yes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: In simple terms, interest rates is the lifeblood of profitability within a bank. That's where the money gets made. Would I be correct in that regard?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Yes, the charging of interest. It's as old as time. This is how banks make money.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: That's the oldest part of the banking model. Would I be correct there?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Okay. So, in that regard, how could you not have been aware of these numbers when interest margin is a key component of the bank's income?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: But you have all this money out. You're not getting any income from it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: €3 billion of it is the accumulated sum. €3 billion. It's not loan-by-loan basis; there's €3 billion of interest roll-up out there. That's not a small figure now, Mr. Moran.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Maybe you could just maybe explain as to why the head of compliance was involved in compiling a business plan.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Okay, would that be normal practice in financial institutions for management and those to be involved in business generation, who are compliancy officers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Okay. Mr. Moran, as chief financial officer, would you have had detailed knowledge of the main elements of the account of the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Of the accounts of the bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: So, maybe you could explain to us, then, why you would not have been aware of the level of interest roll-up into the accounts. These figures would have been generated by risk and they would have been part of the overall interest income figure of the bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: I'm just trying to figure this out in layman's terms, in that if I was operating a household like this - I mean, €3 billion - the bailout of the bank and the overall bailout of all the sums, I mean, we've moved into billions so, sometimes, we kind of, unless the extra zeros aren't there we don't recognise it as a figure. But, as you were saying earlier in your testimony, in early 2008...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Mr. Moran, as a senior executive responsible for key functions such as financial reporting and investor relations, how important a role did you feel that you played in maintaining the image of Anglo as a solvent bank with a low risk profile?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: Were you not important people, according to Senator Barrett there, in, kind of, presenting the retail window and the shop window of Anglo to make sure that everybody was seeing that you were in good shape?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Ciarán Lynch: I'll rephrase ... or, I won't rephrase the question, I'll give it back to you exactly, because the word "image" is the important part of the question here, and it's how important a role did you feel you played in maintaining the image of Anglo as a solvent bank with a low risk profile?