Results 5,061-5,080 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay, okay. As we are now back in quorum, I'll bring the meeting back into public session and in doing so if I could invite Deputy O'Donnell please. Deputy O'Donnell you've ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Remember 33AK now as well, Mr. Neary, here. And I'm just trying to avoid repetition as well in that regard. So continue, please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: That's fine for now, Deputy. Just ask the question.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Final question.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay, thank you very much-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Thank you very much. I just want to return to the guarantee for one moment and then take a series of questions with you, Mr. Neary. We know what the final decision of the guarantee was, which was that it was a blanket guarantee to cover six institutions, and we know, from your testimony and other testimony that we have actually had, that there was a series of discussions and that those...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: And from those discussions maybe different people had different views over the course of the evening as to what the desired outcome would actually be. Was there anybody sitting around that table who presented the six banks blanket guarantee option right from the get-go?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: After the final paragraph ... at the final section, it says, "Care should be taken to ensure that risks are set in the context of the strengths of Ireland's strong economic performance and prudential environment." So, you were talking about scaring the horses, is this kind of an overstatement to make ... a kind of show a strength, but there wasn't really a degree of strength behind the statement?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Mr. Neary, in around September 2007, there was a lot of discussion with regard to the stamp duty and what would actually happen to it. That discussion was reflected in a very, very significant slowdown in house purchases, because people were going to wait until the next budget to get clarity on that. There was a massive significant slowdown in the construction sector. We know that the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay. I want to move on to another document there, if I can get it up on the screen. It's evidence book, Neary Vol. 1, page 181.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Yes, it's coming up there now. It's on your screen there. In your statement to the joint committee, Mr. Neary, you stated that you were aware ... that you were "unaware of any incidences where supervisory issues uncovered by statutory auditors were escalated to the Authority." In the context of that statement, can you comment upon the three pieces of evidence noted below and I'll go...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: I just want to move on and it's on a similar line, Mr. Neary, in regard to contrarian views. And in respect of the risks highlighted in the financial stability reports and views expressed by internal and external contrarian economists, did the authority give sufficient consideration to the adequacy of its prudential supervision procedures and if it didn't, why didn't it do so?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Just to round this off, so, and I'll bring in the next questioner. As I said, we heard about the tone and tenure of the 2007 financial stability reports and I assume these were discussed at board level, as we know. To your knowledge, who was ultimately responsible for the tenor and tone of the financial stability reports? Who had that editorial control as to this is the how the tenor and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: I was going to say something but I had to actually rule myself out of order so I'm not going to say it. So the ... the narrative and presentation of this document was set by the Governor. So the optical position as to the financial health and well being of the country would be one that, ultimately, would be decided by the Governor; that the state of the nation as so it was, Mr. Governor...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay, thank you very much. Senator Michael D'Arcy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Please ask Mr. Neary first, "Are you familiar with the section in the book?"

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Senator D'Arcy, back to you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Well, I don't ... Mr. Neary doesn't know what's in the book, but if you can be general in it, I can try to facilitate it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Ciarán Lynch: Okay. All right.