Results 4,201-4,220 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Thank you very much. I'm going to bring matters to a conclusion, Mr. Moran, and I invite any closing remarks that you want to make. But maybe if I could put them in a context, that would create that space for you. The troika have, and the surveillance programme that the country was in ended during your tenure. However, there is still a major deficit, that this country in debt, that this...

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

Ciarán Lynch: Yes, okay. And we have still a set of matrix that we now need to adhere to and the obvious outcome is if we didn't adhere to them, we could potentially be in a bailout programme again. So, I suppose, it's a very simple question is, now that we're out of the programme, are we grown up enough ourselves to do it independently and what action are we taking to retain monitoring and warning...

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: So we are still adolescents, if you were to use that term, instead of mature?

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

Ciarán Lynch: And just a final comment again, and those concerns are still in the property, construction, housing sector? It's not in somewhere new?

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

Ciarán Lynch: That will be something that we will consider when we move to our recommendations in the course of our inquiry. Thank you very much, Mr. Moran. So, with that said I would like to thank you for your participation here today. Our apologies for delaying in bringing you in but we did bring you in and thank you for your engagement with the inquiry. So, I can now formally excuse you and adjourn...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: All right, as we have a quorum, the Committee of Inquiry into the Banking Crisis is now in public session and can I ask members and those in the public Gallery to ensure that their mobile devices are switched off? In commencing session 1 today, we will be hearing from Mr. Tom Considine, former Secretary General, Department of Finance. I would like to welcome everybody to the public hearing...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: So, once again, welcome before the inquiry this morning, Mr. Considine, and if I can invite you to make your opening remarks, please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: Thank you very much for your opening comments, Mr. Considine. And if I can invite Deputy Joe Higgins to lead off in questions this morning. Deputy, you have 25 minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: If I can assist for a second here, Deputy Higgins. Mr. Considine, we can get a secondary opinion and subjective opinion from other witnesses in terms of ... you're in here this morning and we'd like to be talking to you about your contributions, what were your advices, what actions did you recommend and what actions did you personally take. So, if you could respond to Deputy Higgins in that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: It's Vol. 1, Mr. Considine.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: 157, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: What is that Deputy, now-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: And that's 30 May 2003, that document. Just to ... just to give it a timeline, it's May 2003.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: Briefly now.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: Okay, thank you, Mr. Considine. Senator O'Keeffe please. Senator, you have 25 minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: I think it's actually on your screen there, Mr. Considine. It'll save you going looking for it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: Thank you very much. I just want to deal with one or two matters then I'll bring in Deputy O'Donnell and we'll take a break at that time then, Mr. Considine. Mr. Considine, if ... just locate something for a moment and just familiarise myself. From the period of 2002 to 2006, you were both the Secretary General of the Department of Finance and you were also an ex officio member of the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: So those two roles are held concurrently, those two senior positions. Okay. Sorry, so after 2004, the IMF, the OECD and the ECOFIN all clearly recommended a tighter fiscal stance and a building up of a cushion for the time when income from property-related transactions would fall. That was a consistent message coming from those very, very senior observers. And, in fact, in the Regling and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Ciarán Lynch: Okay. So we'll go on a small bit more then. And its ... the next document is a pre letter in 2006 and there's a box here. If you look at the section ... the mid-section in the box it says, "Another indicator that house prices are becoming overvalued is that, based upon a debt service threshold of 40% of disposable income, an increase in proportion and potential buyers are being priced out...