Results 3,581-3,600 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Final question.

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

Ciarán Lynch: Thank you very much. If you don't mind, Mr. McCreevy, if I could maybe just propose, just for a couple of minutes, a short comfort break and it's 16.55; we will return on the first Angelus bell at 6 o'clock, okay?

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

Ciarán Lynch: Oh, sorry, we're gone well ... it must be the +1 channel. Sorry, it must be the +1 channel, Deputy. Oh, sorry, at 7 o'clock. Just literally if we can come back within five minutes. My apologies, I'm having so much fun, 'tis flying. Thank you very much.

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

Ciarán Lynch: Okay, with that said, if I can ... I'll go back into public session. Is that agreed? Agreed. And we'll finalise the line of questioning there now, about half an hour maybe or so left, and just remind members that some documentation has come in as well that they may just pick up when they're leaving at the conclusion of this meeting. So with that said, if I can now invite Deputy Michael...

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

Ciarán Lynch: Senator MacSharry.

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

Ciarán Lynch: Quickly, if you can, Senator, please.

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

Ciarán Lynch: Thank you, I'm going to-----

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

Ciarán Lynch: Okay. And I'm going to wrap up and then invite both Deputy Doherty and Deputy Murphy to come in and it's on that very point, as to what the essence of a liberal is, and on your earlier engagement with Deputy Higgins about the free market and so forth is where I maybe would like to begin the wrap-up. I maybe put the question to you, Mr. McCreevy, and it comes back to my earlier engagement...

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

Ciarán Lynch: Okay. And do interventions through tax measures on that basis have potential to favour one side of the market over others? For example, investors/speculators versus home buyers?

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

Ciarán Lynch: Now, before I ... the kernel of this question is: do the measures have potential to favour one side of the market over others, which is investors and speculators on one side and people trying to buy a home on the other side?

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

Ciarán Lynch: Who paid the stamp duty ultimately because we know from the majority of questions asked here that ultimately when the ... when the whole process was finished, it was the purchaser who had the stamp duty kind of stitched into the purchasing price?

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

Ciarán Lynch: So that comes back to whether it was the first-time buyer or whether it was people trying to buy a home and trading up and trading down or whatever. And if I can bring up the next slide there. What we see in that slide is the ratio of new house prices to the average industrial wage and the ratio of average second hand prices to the average industrial wage. And we see it, they are the kind...

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

Ciarán Lynch: And that brings me right to my final question. The market spoke and from our earlier questioning, we know that the market is not neutral, that the market takes direction from the tax incentives put in place. The market was speaking loud and clear that affordability levels were running beyond the capacity of people in this country. To be able to buy a home in ratios of four to five and you...

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

Ciarán Lynch: I'll say one example to you. It was in around the period I'm talking about. The tax relief that was given to investors of residential property gave a more favourable position to somebody who in terms of tax relief who was actually trying to buy a home or if they were trying to trade up or whatever. So the mortgage for an investor in the buy-to-let sector was cheaper for a...

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

Ciarán Lynch: I'm talking about ... I'm talking about the investments. Forget now about the over-the-shop schemes and the student accommodation-----

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

Ciarán Lynch: -----I'm talking strictly about residential accommodation where there was two agencies in the market, people trying to buy homes and investors, and the investors had, in the way the tax structure was created, a more favourable method to repay the mortgage. The mortgage was ultimately cheaper for them.

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

Ciarán Lynch: Thank you. I'm going to move to wrapping things up, so. Deputy Doherty, five minutes, and then Deputy Murphy, five minutes, and then we'll conclude.

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

Ciarán Lynch: That's ... that's a ... back.

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

Ciarán Lynch: Let's move on to questions, Deputy. Let's move on to questions.

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

Ciarán Lynch: I'll allow ... Mr. McCreevy, when you're wrapping up I'll allow you as much freedom as you like, when you're wrapping up-----