Results 441-460 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Okay. All right. And just on ... coming back to your own statement there, Mr. Walsh, in which you say: "Following the granting of the Government Guarantee on 30 September 2008, our preliminary work on collateral that could be provided to the Central Bank in support of ELA was not pursued." In that regard, could you tell the committee why were PwC requested to draw up a list of loans that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Which bank was that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Which bank was that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Anglo, okay, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Okay. And in your discussions with the Financial Regulator, did you ever express material concerns about additional liquidity and quality of the supporting collateral?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: And-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: And, as that process progressed, it would then go on to the next stage, and in that regard, did the Central Bank and/or the Financial Regulator advise why the work on loans suitable for emergency liquidity assistance, ELA, were not pursued?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Okay. The reason why I'm asking you is to, kind of ... to expand upon why that wasn't pursued is that the Government subsequently gave a guarantee which was a contingent commitment.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: This is the State standing behind its banks and it's not a funding instrument.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: There's no cash transfer. As we heard comments at the time, this was not going to cost ... it'll be the cheapest and all the rest of it. So why were you looking at ELA? And how can you square that off to us that you were in the area of looking at ELA and ELA then never ended up as an option?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Because of the guarantee or because of-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: And maybe you could distinguish what the difference would be, for the committee, the State standing behind the bank created a certainty that created liquidity. If ELA had come in, what would have been different there in terms of cost to the State and other factors?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Okay. Would the State have been exposed through the ELA in the same way?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Okay. You wouldn't be able to give us, to the best of your ability, an analysis of the different exposures from ... one from the guarantee and one from seeking the ELA.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Maybe just to arrive to the fundamental of it - and this is my very last question - by the State giving the guarantee, who ends up with the responsibility of the debt?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Okay. By the bank being afforded the ELA, who ends up with the responsibility of any liability on the ELA?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Okay. Thank you. Deputy Michael McGrath.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: Finish up now, Deputy.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Ciarán Lynch: A question, Deputy.