Results 2,241-2,260 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Maybe if I can ... maybe if I can reshape the question?

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

Ciarán Lynch: There's a difference between returning to a sustainable construction programme, where it's 12% of the economy, as opposed to 24%, but there is a question as well that has to be put, that we, we ... recovery does not mean prices of back in the heady days of 2005, 2006 and 2007?

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

Ciarán Lynch: This brings me to my next question.

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

Ciarán Lynch: Okay, and-----

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

Ciarán Lynch: And by, by the mid-2000s that's exactly where we were, in that the typical Garda, nurse, or whatever, were not able to afford to buy your product, and-----

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

Ciarán Lynch: Can you just hear me out a second?

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

Ciarán Lynch: Thank you. The State, through Part V and other measures, as you mentioned, made interventions and, in the Cork region, that both you and I would be familiar with, we saw affordable housing which is social housing, which is subsidised to allow people to have the ambition realised to buy a home exceeding €200,000 and so forth. So, on the basis that there was an affordability issue, as...

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

Ciarán Lynch: Okay. Going back into the future, again, is there a Rubicon that gets passed, that when the average household couple earnings ... that the price of the average home that would be in their affordability range passes a ratio point that we have an unsustainable model again?

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

Ciarán Lynch: In the new building market, now.

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

Ciarán Lynch: All right. Mr. O'Flynn, there was a nine-month time lag from the announcement of NAMA to the enactment of the enabling legislation and a further few months before business loans began to be transferred from the banks. Now, you've spoken in general, but I just ... this specific aspect of it, did this time lag have any particular effects on your business, and, if so, please elaborate?

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

Ciarán Lynch: Mr. O'Flynn, related on the NAMA operation again, NAMA adopted five approaches for managing debtors. Basically, there was a menu of them there, about five approximately. One was full loan restructuring;, two was partial loan restructuring; three was disposals links to key milestones; four, agreed disposable programmes; and five, enforcement. Typically, one of these approaches was applied...

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

Ciarán Lynch: Okay. And, in taking those approaches, would you have considered them fair, benign or adverse?

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

Ciarán Lynch: And on that broad range of, sort of, operations, because I ... with trying to comprehend the complexity of such a situation going in there ... and there are so many parties to it and so forth - banks, your own organisation, subsidiaries and so forth - and then debtors and creditors and everything else, was there any time during that period where NAMA gave assistance to any creditor issues...

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: I'll move on to the whole, sort of, exiting of NAMA in a moment but maybe if I can just get a picture. When was the last significant big project that you undertook where you borrowed significant sums prior to the whole business product going south?

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

Ciarán Lynch: Pardon?

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: Okay, and what was the cost of that development, about-----

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

Ciarán Lynch: Okay. And had you ... were you commencing other developments in and around that time where you had sought funding as well?

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

Ciarán Lynch: Okay.