Results 4,421-4,440 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Yes, that's the one, the one of 11 October '08. That's it. In the ... in the fourth paragraph of that, it says - one second there now - "Surely the objective of the guarantee of" ... and this is October '08 now, I'll remind.Surely the objective of the guarantee of this dated subordinated debt from our point of view is to give the covered institutions the ability to access at least two-year...

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

Ciarán Lynch: Yes, but the architecture-----

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

Ciarán Lynch: And I pitched my question very clearly now to your term in the way that it was designed and set up and all the rest.

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

Ciarán Lynch: To what extent?

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

Ciarán Lynch: And we'll try to get our head around as to what the guarantee or not guarantee options actually were as this inquiry commences, but we do know a guarantee was put in place, we do know it was of a particular construction and design and the question I'm putting to you is: did the structure or design of the banking guarantee, along with the period of duration, which was as outlined in the e-mail...

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

Ciarán Lynch: ... the duration and the time, would that be considered-----

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

Ciarán Lynch: Forget about the duration and ... or, sorry, forget about the subordinated debt, but the duration period.

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

Ciarán Lynch: Yes.

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

Ciarán Lynch: Final question. Was the Irish State solvent in the immediate period prior to the bailout programme commencing?

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

Ciarán Lynch: Structural deficit of about €30 billion as well.

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

Ciarán Lynch: But the assistant programme indicated a €30 billion structural deficit that had to be corrected over a period of time. That's what the programme was about. So, did that ... does that imply or not that the Irish State was solvent?

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

Ciarán Lynch: So without the assistant programme, was the Irish State insolvent?

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

Ciarán Lynch: The funds were at eight point odd percent at the time, that's what when ... we were approaching junk status on our bond yields at that time. They were gone over the 8% threshold.

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

Ciarán Lynch: Once they went over 8%-----

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

Ciarán Lynch: Okay. Thank you very much. We'll wrap up so with Deputy O'Donnell and then Deputy McGrath to conclude.

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

Ciarán Lynch: That note is in possession of the Attorney General, is it?

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

Ciarán Lynch: Okay, and that is no ... well, the committee has, with the permission of the Taoiseach's office and Cabinet, got up a situation now where the Attorney General will be waiving a lot of his entitlements, so maybe that question can be referred to the AG when he comes in-----

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

Ciarán Lynch: Or the then AG.

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

Ciarán Lynch: Okay.

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

Ciarán Lynch: That's a lot of questions now, Deputy. Mr. Doyle?