Results 15,701-15,720 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: But as the market is changing, the product is changing-----

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

Ciarán Lynch: ----- to purchase. Or, sorry, the mortgage. There are two of them products. The house is changing. And we also have the elongation of the loans, the lengthening of the loans, the mortgage terms, and interest-only, 100% and all the rest of it happening, making the affordability criteria to acquire the mortgage-----

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

Ciarán Lynch: -----still accessible, even though the house price-----

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

Ciarán Lynch: -----is gone off the map.

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

Ciarán Lynch: Okay. And in-----

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

Ciarán Lynch: Well, this is the proposition I want to talk out with you now, okay. And further to that then, we had a ... in the residential market. Concurrently to that we have the buy-to-let market, where there is significant mortgage interest relief for the investor. And, as you said earlier, in fact, a high level of interest on the loan is advantageous to the buy-to-let owner because they get a...

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

Ciarán Lynch: ----- prices and so forth. So, in that regard, and, kind of, coming back to my earlier proposition to you that people should have been priced out of the market earlier, in summary, did financial institutions and your own elongate the bubble through the design of these products?

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

Ciarán Lynch: So, the design of mortgage products actually suspended the crash. Is that right? Would you concur with that proposition, and that the crash could have come sooner and not have been so extreme if the mortgage products were not-----

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

Ciarán Lynch: -----designed in the way they were to elongate it?

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: Let me, sorry, let me just share for ... what's called a germane disclosure in counselling, a relevant experience that assists the client. An experience I had knocking on a door one day in Cork was to meet a couple. One was a public servant who was on a mid-income level and the other one was working in the pharmaceutical industry in Cork. Back in the day, one of them would have been able...

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

Ciarán Lynch: You'd be familiar with the product at the time. Now, just the basic premise of product sales and capitalism or whatever: to buy a product, somebody ... for instance, like a car ... if I go out and buy a new car tomorrow, somebody needs to buy my second-hand car off me. And that maintains the market because there's entry into the market. By 2005 and 2006, because entry into the market is...

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

Ciarán Lynch: And I agree with you, so this is the final part of it. Do we need a product that allows the first-time buyer to come into the market but a product that is actually prudentially safe to them over a long period of time, and was the product that was available in the 2000s not prudentially safe to first-time buyers?

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

Ciarán Lynch: There was a bank manager quite close to me, Mr. Went, in the same county, and he was known as Johnny Five Grand because that's all he'd give you. I'm not talking about those circumstances. I am talking about a mortgage product that is sustainable in the long term; not one that you have to get down in a deferential role to a banker or not one that you're given because of competition in the...

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

Ciarán Lynch: Ah, Deputy-----

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

Ciarán Lynch: Okay, I'm going to invite you, because I want to wrap things up, Mr. Went, by ... and I appreciate the time that you spent with us today, particularly your final engagement with myself. Is there anything further you would like to add by means of final comment or remark?

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

Ciarán Lynch: Thank you very much, Mr. Went. With that said, I'd like to thank you for your engagement and participation with the inquiry this evening and to now formally excuse you and to propose that we suspend for 15 minutes and return at 15 minutes past 7 p.m.

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

Ciarán Lynch: I now call the committee back into public session. Is that agreed? Agreed. And we move on now to session 5 of today's hearings with Mr. David Gantly, former head of group treasury at ILP-Permanent TSB. The Committee of Inquiry into the Banking Crisis is now resuming in public session and can I ask members and those in the public Gallery to ensure that their mobile devices are switched...

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

Ciarán Lynch: Before hearing from the witness, I wish to advise the witness that by virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their evidence to this committee. If you are directed by the chairman to cease giving evidence in relation to a particular matter and you continue to do so, you are entitled thereafter only to a qualified...

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

Ciarán Lynch: Thank you again, Mr. Gantly, and if I can invite you to make your opening comments to the committee please.