Results 3,021-3,040 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Okay, you can, Mr. Cowen.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Okay. Thank you very much. With that said, I now propose that we suspend until 3.30 p.m. In doing so, I'd like to remind the witness that once he begins giving evidence, he should not confer with any person other than his legal team in relation to evidence or matters that are being discussed before the committee. With this in mind, I now propose to suspend until 3.30 p.m. and remind the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: As the committee is back in quorum, I now propose that we go back into public session. Is that agreed? And the Committee of Inquiry into the Banking Crisis is now resuming in public session. Can I ask members and those in the public Gallery to ensure that their mobile devices are switched off. And in doing so, welcome back - our witness today is Mr. Brian Cowen, former Taoiseach and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: And on the two earlier questions, was that ... was that issue discussed in Minister Lenihan's presence and was the Minister still present when that decision then was ultimately made?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Was it made later that night when the Minister had-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Was included. And just with time-wise, was the Minister ... was the Minister departed at that stage from the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: He wasn't there.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Okay. Just two other matters then and then, as I say, we'll move onto this afternoon. And, returning to matters discussed this morning, did you receive any proposal, written or otherwise, from either Mr. Alan Gray or Mr. Fintan Drury on behalf of any bank, with recommendations on how the funding crisis could be dealt with for any particular bank? And if you received, what action, if any,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Thank you. And just one other matter along the same vein is, can you outline any representations received from any senior executive or board member or of any bank or through any intermediary on their behalf, prior to the decision taken to increase the level of deposits to the NTMA or the deposits the NTMA were holding with the Irish banks and, if received, what action, if any, did you take...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Okay, so we'll move onto this afternoon. So maybe as we move towards the ... from the banking guarantee to the bailout, Mr. Cowen, could I put the question to you, did the structure or design of the banking guarantee, along with its period of duration, which we discussed this morning of two years, have any baring on the Irish State entering a bailout programme two years and two months after...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Just two other matters then, on a related theme, relating to Mr. Lenihan's and Mr. Trichet's correspondence and to ask you were the Irish banks covered by the guarantee still solvent and, therefore, qualifying for ECB ELA funding at the time of Mr. Lenihan's last letter to Mr. Trichet, that was the letter of 21 November 2010?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Were the Irish banks that were covered by the guarantee still solvent and, therefore, qualifying for ELA funding at the time of Minister Lenihan's last letter to Mr. Trichet of 21 November 2010?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: In Mr. Cardiff's testimony and his witness statement before the committee here, he commented upon Jean-Claude Trichet's letter of 19 November - this is the letter that preceded Minister Lenihan's letter - and in his testimony he says, "In many ways, this letter was entirely superfluous since it was already clear by the time of the letter that the Government was going to opt into a programme."...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: But in regards to-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Okay, I just have one more final question then. Because the entry into the bailout programme had to be cognisant of two issues; one was the crisis that was still in the banks and capitalisation and all the measures that were legacy issues of the guarantee, there was also a structural deficit. What was the sum that had to be corrected in the structural deficit that the programme of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: So in addition to a banking debt there was a €30 billion approximate figure of a structural deficit as well that had to be dealt with?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Deputy Murphy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: And that's fair enough.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Ciarán Lynch: Finally.