Results 16,061-16,080 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Thank you very much. Deputy Doherty.

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

Ciarán Lynch: Without changing the subject, I just want to round something off on this and we'll stop the clock a second. In just the general area of securitising loans, did you follow that up, this process, with law firms?

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

Ciarán Lynch: Did you actually have a legal process for following-----

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

Ciarán Lynch: -----up the securitisation?

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

Ciarán Lynch: Okay, and maybe you could just explain to us in that regard when we had the transference into NAMA, the letters of undertaking that were required seemed to be a huge issue in terms of securitisation, the incompletion of legal work by banks and securitisation, and all the rest was a very, very ... was a legacy issue that NAMA had to deal with quite quickly to get its, kind of, deeds and...

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

Ciarán Lynch: No. I know well. I'm talking about the process when Anglo came in. How did they rate in compare to other institutions in having their legal undertakings completed when the portfolios were transferred into NAMA?

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

Ciarán Lynch: Okay. Deputy Murphy, sorry, Deputy Doherty.

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

Ciarán Lynch: A final question, Deputy.

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

Ciarán Lynch: I'll let you back in again, Deputy, as we wrap up. I just want to kind of come into an area myself which is probably a summary where Deputy Doherty is at so I won't drill back down to the detail. I'll just take it at top level with you, Mr. Browne, which is with regards to the bank's lending approach. What was your view of the lending policy procedures and prevailing culture? Was it the...

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

Ciarán Lynch: But in cultural terms, coming back to Deputy Doherty's earlier question that there was ... the level of exceptions, could it be put forward or not that the question was "yes, we do have an exception policy and there's a culture reflected in that and that's why we have 25%, in that we have a different view of what exceptions are hence we have such a high level and that's a cultural position in...

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

Ciarán Lynch: But there is a kind of a ... but in every organisation whether you study it academically or exist in one, every organisation has a culture. This structure is ... this committee has a culture-----

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 coming on to the credit risk then and in your opinion, did you believe that the controls adopted by the bank were sufficiently robust?

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

Ciarán Lynch: So were you voicing any concerns at that time?

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

Ciarán Lynch: In terms of the credit risk controls? You weren't articulating any concerns at that time, no?

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

Ciarán Lynch: All right. I'm going to ... I'm referring to three different documents but I'm just going to bring up two pages as examples of them. One is regard ... they're all in Vol. 1. One deals with risk appetite, the other one's minutes of risk and compliance meetings and the other one is an extract from the loan review summary. So in core book Vol. 1 there, I'm just bringing up on the screen ......

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

Ciarán Lynch: Okay. All right, so the other ones then are €627 million unzoned land; €3,580 million on zoned land; just about one-and-a-half billion on zoned land with planning permission and over €600 million, €641 million in fact, with speculative development and then the development, what's the "w/c" there? What does that mean? Development?

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

Ciarán Lynch: With working capital with pre-sales and pre-lets of €4,240 million. Right. Did you have any concerns over the extent of the bank's exposure to the development sector?

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

Ciarán Lynch: Okay. So how did you raise those concerns? What actually happened because this is ... you say you raised it in 2006? This is 2007 and this is what the portfolio is showing.

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

Ciarán Lynch: Maybe you can just talk me through this so I can understand it. There is a risk analysis being done here in terms of exposure and what is happening is that property is being broken down into different sort of categories. Am I correct there, yes?