Results 4,641-4,660 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: The point has been made, Deputy Phelan. I need time to respond, and you've got questions to cover as well. Ms O'Dea.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: A question, now, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Ask your question now, not a statement.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: You are going to run out of time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Just to clarify one matter before I bring in Deputy Higgins, Ms O'Dea. You were on the IFSRA board authority from 2002, yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: And were you on the CBFSAI before 2009?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: You came after-----?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Okay, thank you. Deputy Higgins.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: That can be a supplementary. I'll be bringing you back in again so, if we maybe stop at question one and we can take question two as supplementary.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Ms O'Dea, the regulator's office has responsibility for regulating financial institutions with a principle-based approach and it had a consumer protection aspect to it as well. Were you the senior consumer protection person in that structure?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: During your time, we saw 20-year mortgage schedules, which were the standard mortgage schedule at the time, going out to 30 to 35 years. We saw loan-to-values rules changing quite significantly and we saw 100% mortgage products being actually introduced. Did you issue any guidelines on affordability of mortgages or at any time did you express an opinion with regard to 100% mortgages?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Yes. And that was your communication to consumers. You were also a member of the IFSRA at that time. What was your communication with them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: But at any time during that period, did you say at that board that: "There are concerns with regard to the duration of mortgage schedules, there are concerns with regard to loan-to-value ratios, there are concerns with 100% mortgages, and so forth, and we need to act upon them in a structural capacity, not just advise customers or banks to be mindful of these products"?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: That's not what I'm asking you, Ms O'Dea.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: I'm very, very clear about ... you're very clear here as to what you communicated to potential customers-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: -----of bank products. What I'm asking you is that you stated that you had an awareness of those, you were advising customers in the market as to your concerns about them, but you were also a member of the Irish Financial Services Regulatory Authority - you were on the board. What action were you advising the board to actually take, that it could go into banks or put measures in place or...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: But what were the guidelines and the rules because the 100% mortgages continued? It wasn't until 2009 that we saw significant changes by the Central Bank with regard to how mortgage values were done, how income ratios were looked at, how we saw recommendations with the reduction schedules and all the rest of it. So before 2009, what was actually happening?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: Ms ... did the construction of a P60 ... or, putting inaccurate information into a P60, that's a criminal act. We knew that. That existed on the statute books ever before you came to work in this job. What I'm asking you is: what actions did you take with regard to the non-criminal aspects of banking lending practice? The adjusting of a P60 is a criminal act.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Ciarán Lynch: The non-criminal aspect, the day-to-day banking behaviour, what were you doing? Were you saying that we need to go in and take a robust issue with these 100% mortgages, we need to take a robust position on these loan-to-values, we need to take a robust situation where people are now moving from 20 years nearly out to their entire working lives to pay for their mortgages?