Results 2,841-2,860 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: No, no, I've just bringing you in on a point of information, you're not listed as a questioner. I'm accommodating you, Senator, because you're in leading next. Mr. McDonagh, I just want to ... on the general theme of a soft landing - and I'm going to wrap things up and then invite the two leads - there was a lot of discourse and a lot of mentioning and, even in witness testimony here,...

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

Ciarán Lynch: Okay, would you have a view that there was evidence to support the soft theory, or that there was greater or less evidence to support the hard landing?

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

Ciarán Lynch: There was a number of different correspondence ... or, sorry, a number of different references this afternoon to an e-mail between yourself and Mr. Beausang in September. However, I want to go on to an e-mail that took place between yourself and Mr. Beausang on 11 October 2008 titled, "State Aid policy issues". Do you recall this e-mail, Mr. McDonagh?

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

Ciarán Lynch: Could you maybe explain to us what the general ... this is 11 October, so about two weeks after the guarantee. Could you, maybe, explain to us what the purpose of this e-mail was about?

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

Ciarán Lynch: Okay. If I could maybe bring your attention to the fourth paragraph down because I think you, kind of, refer specifically in that area, where you say "Surely the objective of the guarantee of this dated subordinated debt from our point of view is to give the covered institutions the ability to access at least 2 year term funding to reduce their reliance on short term funding thereby avoiding...

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

Ciarán Lynch: In that regard, there's an indication here, and I want to test this out with as to ... with you Mr. McDonagh, as to what is actually being said here. Is it being suggested here that the design or structure of the guarantee, along with its period of duration would have a bearing on the Irish State entering a bailout programme two years and two months after this guarantee was put in place?

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

Ciarán Lynch: Was there a stage where the design of the guarantee did or did not give an indication that a bailout was going to be required because of its design and timeline?

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

Ciarán Lynch: Okay, I ... this is my final question to you, I suppose this is what you done every day for a living when you were working with the NTMA before you moved to your new position, is that you looked at the cost of Irish bond yields on a daily basis. I would assume that would have been one of the things that you did?

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

Ciarán Lynch: Just a very last question to you. Irish bond yields September '08, just before the guarantee, how much? Irish bond yields, November 2010, just before the bailout, how much? And Irish bond yields now?

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

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

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

Ciarán Lynch: Last question, that's it.

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

Ciarán Lynch: Thank you, Senator. Deputy Doherty, please.

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

Ciarán Lynch: Final question. Thank you very much. With that said, is there anything else you'd like to add by means of a closing statement or remark, Mr. McDonagh?

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

Ciarán Lynch: Okay. So, in just prior to excusing you, I just want to put the committee on notice that we just need a very, very short private session to deal with a notice of direction and if we can maybe just suspend for a few moments when excusing Mr. McDonagh, that we would actually deal with that. So, Mr. McDonagh, I would like to thank you very much for your participation today and for your...

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

Ciarán Lynch: So, I now propose that we go back into public session. Is that agreed? And our final and fourth session of today is a public hearing with Dr. Michael Somers, former chief executive of the National Treasury Management Agency and ... at our next session. So, in that regard, the Committee of Inquiry into the Banking Crisis now resuming in public session and can I ask members and those in the...

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

Ciarán Lynch: Again, thank you Dr. Somers for your attendance today and if I can invite you to make your opening remarks please.

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

Ciarán Lynch: Thank you very much and if I can invite Deputy Michael McGrath. Deputy, you have 25 minutes.

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

Ciarán Lynch: Can I get that noted, and-----

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

Ciarán Lynch: Can I get that noted this evening so and we'll move on with your offer of co-operation there, Mr. Somers? Deputy McGrath.

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

Ciarán Lynch: Just as well you knew him as Jean-Claude. Mr. Somers, sorry.