Results 4,221-4,240 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: I'm not really interested in 2007-----

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

Ciarán Lynch: -----I'm interested in your period this morning-----

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

Ciarán Lynch: -----Mr. Considine.

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

Ciarán Lynch: But we'll go back-----

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

Ciarán Lynch: But you see, the ... here on the evidence that we have in front of us, this is ... I'm talking specifically about your term. In 2003, there are significant concerns about where the economy is going. There's significant concerns about the inflation that's in property and there's concerns with regard to the taxation measures and how it is affecting the property market. And as Deputy Higgins...

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

Ciarán Lynch: Yes, sure.

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

Ciarán Lynch: Am I being correct, or maybe it's just from earlier testimony, sometimes so much of it comes by us I maybe forget the chronology and the sequence of it, but, by 2003, weren't the measures in the Bacon report being pulled back?

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

Ciarán Lynch: And ... but, as a result of that, wasn't the ... all the figures showing that house property was escalating at an increasing rapid rate, that the graph, which was kind of somewhat flat after the Bacon report, started climbing like a ladder?

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

Ciarán Lynch: Well, the graphs in the evidence that we would have before this inquiry, Mr. Considine, would show that house price inflation in this country significantly grew after the Bacon measures were actually removed in the budget.

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

Ciarán Lynch: Would the proposition not be put to you, Mr. Considine, that when the taxation was, kind of, put into that area that, paradoxically or ironically, that actually made a bad situation potentially worse because the economy was moving to more and more consumption taxes at that time and away from income tax and one of the biggest consumption taxes, or the biggest consumption tax that was being...

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

Ciarán Lynch: And was that not creating a structural difficulty in the overall macro management of the budget?

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

Ciarán Lynch: So we'll equalise that comment - if you cut stamp duty-----

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

Ciarán Lynch: -----you increase house prices.

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

Ciarán Lynch: But you had a whole load of tax incentivisations that were taking place at the vendor end. The stamp duty was at the purchaser end. So why was there not more tax at the vendor end of things?

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

Ciarán Lynch: Well, why didn't it happen, if you're agreeing with me, so?

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

Ciarán Lynch: Who was nervous particularly?

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

Ciarán Lynch: Was it the Department, the Minister?

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

Ciarán Lynch: Of the day, was very nervous.

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

Ciarán Lynch: Just one final question. I'll bring in Deputy O'Donnell then, Mr. Considine. If the tax incentivisations that were being discussed in 2003 in letters coming in from the Central Bank to the Department of Finance and obviously to feed on to the Minister of Finance for that year's budget, starting in 2003, our evidence will show that there was serious concerns with regard to tax...

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

Ciarán Lynch: Thank you, Mr. Considine. Deputy O'Donnell. Deputy, ten minutes.