Results 2,421-2,440 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Okay, thank you. And I propose that we take a five-minute comfort break, and to return at 7.10 p.m. Is that agreed? Agreed. And as I've informed the witness earlier with regard to rules during the suspension, just to state that again. So I now propose we return at 7.10 p.m. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: I propose we go back into public session again to conclude our engagement with Mr. Ahern today and, in doing so, I now invite Senator Sean Barrett. Senator, you have ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Thank you very much.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: I'm now going to wrap things up with just one or two questions, and just some clarification, and, after which, I'll invite Deputy Doherty and Deputy Murphy and then any closing remarks you would wish to make yourself, Mr. Ahern, okay? Mr. Ahern, between 1998 and 2000, Mr. Peter Bacon recommended in his reports ... Dr. Bacon ... at the end of a certain property-related tax ... sorry,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: And I recall at the time ... I think the general figure was there was about €1 billion going into rent supplement at its peak, and one could put forward a proposition that the buy-to-let investor had a very, very preferential mortgage compared to the home buyer because the interest rate rebate that they were getting were better than the home buyer. So the State, through one measure...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Coming back to ... and at the same time, affordability, which was going up, and I'll come back to in a moment, but the ... if you look at the graph that's in front of you there, particularly the bottom one, residential house prices quarterly, and this refers to the root question that I was talking about, which is the unwinding of some of the implemented changes. If you look there at quarter...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Okay. And if we ... and let's come back to the rents-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: -----because the rents are very easy to understand because in the old days ... and you spoke about the traditional banking model that seemed to have went out the window, the traditional banking model was based upon somebody's income multiplied by a modest amount. If they're cohabiting there's another income, and that's done over a 20-year period. But the calculation for rents historically...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: And the other fact, then, is that the laws of supply and demand should have kicked in, which wasn't the fact because housing production increased rapidly after that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: And neither rents nor purchase became affordable.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Okay. I want to deal with the affordability issue, now, as we spoke about earlier and that's affordability of mortgage loans in terms of home buyers as opposed to buy-to-lets. It seemed that you related this to the ability to get a loan from the bank, as you referred to the discussion, to 100%, loan-to-values, net income calculation and also the extension of the maturities of mortgages and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: You spoke about your advice centres earlier and I'll give you an experience of mine where I was witnessing single parents on lone parent payments, with maybe family income supplement coming in, and besides the doctor and the nurse we spoke about earlier, the whole intervention of affordable housing had taken place. And, in Cork, at the peak, the affordable housing had gone up to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: But we had Part V and the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Which was 20% of houses. That was of new construction.

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: My question here is that affordable housing had reached €250,000 - I think it was even more expensive in Dublin but - in urban areas in the city, affordable housing was set up ... was constructed to put in place a tenant purchase programme for people on social housing lists. You had to be within a certain income group to qualify for it, if ... a nurse and a guard couldn't get onto the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: I just want to deal with two matters with regard to the banks ... Did you ever meet the Finance Minister after he had his meetings with the Governor of the Central Bank to discuss current issues and, in particular, the contents of the financial stability reports?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Okay. Prior to ... just before the ... end of your tenure as Toaiseach ... how many briefings did you get about the situation with Anglo before your tenure came to an end?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Okay. How serious was the advice?

Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)

Ciarán Lynch: Okay, did you talk about the Financial Regulator or the Governor about that?