Results 3,401-3,420 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: This is Mr. Trichet's letter. Mr. Cardiff in his testimony to this inquiry-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: 19 November.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Okay. When Mr. Trichet was, as I say, at the IIEA event in which the inquiry engaged with him, speaking on the same issue, he says:[As] you know, we could [have almost] continued on our side ... having gone up to 100% of ... GDP ... to 200% of ... GDP [this was with regard to the ELA funding that was coming into the country], and why not 300% of ... GDP? [That would] Then what would ... the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Yes, and we learn from what we do wrong.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: I can get into all of that with you later on and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: -----you'll have plenty of time in the wrap-up-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Okay. Can I just come back to an earlier ... it was relating to Deputy O'Donnell, and that is on the issue of Anglo, and Deputy O'Donnell was taking a line of questioning with regard to the whole due diligence issue. Kevin Cardiff, when he was here, suggested that nationalising Anglo would be difficult due to the legality of the bondholders. So how, all of a sudden then, was this not a...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Mr. Cardiff was saying that the nationalising of Anglo was difficult due to the legality of the bondholders, that there was constitutional issues and so forth, but taking your own testimony this morning, you were saying once the due diligence was completed, this didn't seem to be a problem anymore. How did due diligence take this off the agenda?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: All right. I just want to just pursue a different line of questioning with you for a moment, Ms Nolan, and then we'll return to the question list. It's the ... and I'm bringing it up on the screen here. It's an economic management paper, 10 October 2012, which would, I'd imagine, have been a very top drawer, top secret document at the time in the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: It's coming up on your screen in front of you. It's from ... it's witness book Ann Nolan, Vol. 2, pages 85-87. Okay. Now, if I can just scroll down this a moment, and while it's being done, maybe to a page ... it's the third page of it, it's the last footnotes of it here. But in doing so, as I'm pulling that up, by March 2012, it was becoming clear within the Department of Finance that a...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: And maybe you could just paint a picture as to what the difficulties were, if I can maybe draw your attention there to the very bottom of the page, where it says:[The] Net book value of customer loan book per IBRC 30 June 2012 accounts [one, they had] €15.6 billion. Total ELA funding at the end of September ... (as advised by [the Central Bank]: €40.6 billion. The Promissory...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Is that a summary of the type of sums that you were dealing with and what you were trying to unravel?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Okay. And if I can just go back to the very first page of that document there, Ms Nolan. It's point B at the end of the page and it says, "However, replacement of the Promissory Note with shorter-dated Government bonds would negate the benefit [of] the State and create a 'funding cliff'"-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: -----"in the near term, thereby severely hampering the State's ability to re-access debt markets, as the Irish market lacks capacity to absorb additional shorter[-term] dated issues."

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: What was the thinking in terms of the co-operation that was going to come from the ECB and other agencies in getting over what was probably this ... summarised as the hurdle that had to be cleared?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Okay. And just moving onto the next page-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Ciarán Lynch: Sorry.