Results 4,101-4,120 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: I just want to make reference there to page 35 of your statement, Mr. Cardiff, and to, kind of, put the question to you as to how did it become clear and what analysis highlighted that there was not a sufficient understanding available from the Central Bank and regulator of the internal workings of the banks, which were apparently in difficulty, as referenced on the page I mention? And, I...

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: It's page 35 of your statement.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Yes, it's the ... at the very last paragraph there and it's half way down through the paragraph. You say, "That afternoon, Matt Pass, one of the Merrill Lynch team informed us that Standard and Poor's, an important credit rating agency was likely to issue ...". It's actually on the screen in front of you there probably at the moment, I'd say.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Okay. You've a footnote, No. 10, I think, actually under that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Yes. It seemed to have been a perfect storm for the banks. I mean that every conceivable difficulty, credit rating ... and compounding then into how credit would be ... would be acquired and a whole cycle. So the question I'm-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: And one final question there, kind of, it begins where we started this morning when I asked you about the nationalisation of Anglo and so forth and, kind of, relates to questioning that came from Deputy McGrath as well. If, maybe, you could elaborate further on the ... what you mentioned earlier as the major constitutional issue surrounding special ... special resolution legislation...

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: I've got a different discourse here. I'm from Cork myself, I even don't understand myself at times, you might explain what pari passuactually means, Mr. Cardiff.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: It means which?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: No, we consider-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: And in that regard, how did you distinguish between resolution and nationalisation, then, with regard to the bond?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: In that regard, how do you distinguish between nationalisation and special resolution legislation in regard to the property rights as you've outlined? Do you think ... are you presenting a position that the property rights of the bondholders and depositors are the same whether its resolution or nationalisation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: And, as you're aware, the former Attorney General will be coming before the inquiry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Okay, so I'm now going to wrap up. Senator O'Keefe, you have five minutes, and then Deputy Doherty.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: That's a bit leading.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Still leading.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: And that was the general understanding, as you already explained, as to the context of it

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: Yes, indeed. Deputy Doherty.

Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)

Ciarán Lynch: And I don't want a situation where there will be either six names or 60 names thrown.