Results 15,821-15,840 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: And-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: And, as that process progressed, it would then go on to the next stage, and in that regard, did the Central Bank and/or the Financial Regulator advise why the work on loans suitable for emergency liquidity assistance, ELA, were not pursued?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Okay. The reason why I'm asking you is to, kind of ... to expand upon why that wasn't pursued is that the Government subsequently gave a guarantee which was a contingent commitment.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: This is the State standing behind its banks and it's not a funding instrument.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: There's no cash transfer. As we heard comments at the time, this was not going to cost ... it'll be the cheapest and all the rest of it. So why were you looking at ELA? And how can you square that off to us that you were in the area of looking at ELA and ELA then never ended up as an option?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Because of the guarantee or because of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: And maybe you could distinguish what the difference would be, for the committee, the State standing behind the bank created a certainty that created liquidity. If ELA had come in, what would have been different there in terms of cost to the State and other factors?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Okay. Would the State have been exposed through the ELA in the same way?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Okay. You wouldn't be able to give us, to the best of your ability, an analysis of the different exposures from ... one from the guarantee and one from seeking the ELA.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Maybe just to arrive to the fundamental of it - and this is my very last question - by the State giving the guarantee, who ends up with the responsibility of the debt?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Okay. By the bank being afforded the ELA, who ends up with the responsibility of any liability on the ELA?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Okay. Thank you. Deputy Michael McGrath.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Finish up now, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: A question, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Thank you, Deputy. Senator Susan O'Keeffe. Senator, ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Allow an answer now, Senator. I'll allow a response and I'll allow you back in again once more.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: A brief supplementary now - a supplementary and then we're moving on, Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: Thank you. Can I just clarify one thing on that? The deposit exposure in Anglo, I understand both are AIB in one way or another and I can understand from a distance there can be confusion, but the personal deposit exposure between the two institutions ... were they similar?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Ciarán Lynch: And the investor depositors, as they would be in financial institutions ... like we know the loan portfolios and all the rest of it but in terms of confusion on the international market, did people who would be depositing wouldn't be depositing in Anglo Irish ... Allied Irish Bank or sorry in Anglo Bank? Am I right there, no?