Results 2,101-2,120 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Thank you very much. Senator Susan O'Keeffe.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Have you seen this, Mr. Mulryan, have you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Just we need to allow flexibility for that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: In that regard, Mr. Mulryan, just to advise you, if you are unfamiliar with it and you don't feel comfortable answering because it's unpresented material you can refrain from replying.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Can I deal with a couple of matters with you there, Mr. Mulryan, before we move on to the other questioners, with your permission? Mr. Mulryan, from your perspective, do you regard the valuation methodology applied in the pre-crisis period as having been sufficiently robust and representative? And maybe you could give us your views as to whether there were deficiencies or not in the process...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: In the lending process, or not, at that time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: In your own experience, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: What do you mean by 70-30?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay. And there has been some suggestions that, in some instances, there was potential for no equity whatsoever. So let's say a person creates one development, with the level of property inflation that was taking place at the time, the initial loan on that would be well exceeded by the new valuation on it, creating a position of equity in which another loan could then be drawn upon the basis...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay. Would there have been ... would you have been familiar with loans that would have been issued on the basis that was no material cash deposit?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Other than equity.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: And would there have been instances where that equity could have been used as cross-securitisation-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: -----and that would have been to different financial institutions.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay, so development X, equity would be used for one loan or a number of loans with one institution, but they wouldn't be with a number of institutions.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Thank you. Do you have a view on whether the valuation process in the pre-crisis period influenced lending practices in the Irish banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Yes, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: In your construction field, Mr. Mulryan, did you develop retail or commercial units?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay. And on the basis of, let's say, retail lending, that you'd go to a financial institution for ... to acquire funding to get one going, was the issue of upward-only rent reviews and how that would actually impact with regard to how the lending model would be dealt with? So you're going to build a shopping centre, it'll have 20 shopping units, the entry rent is going to be the set rent,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Ciarán Lynch: Okay, thank you. If I can maybe just bring you back to your statement, Mr. Mulryan, and I'll just bring it up on the screen there, I think it's page 19 of 20 there. And you share with the committee your comments in regard to NAMA. I think it's just coming up there, yes. It's just that lower part of the page. If I can just take the two paragraphs of that, there, Mr. Mulryan. It says: ...