Results 5,121-5,140 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Okay, and I think you maybe just answered my next question for me, which was the type of products for home loans that were on offer between 2000 and 2006, were they a matter of concern for you?

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

Ciarán Lynch: So maybe if I can ask you then, which is the last question, why was nothing done by the Financial Regulator to prevent a further relaxation of lending policies well before housing prices were clearly overvalued?

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

Ciarán Lynch: In this regard can we ... can I ask you, why was nothing done by the Financial Regulator to prevent further relaxation of lending policies well before house prices were becoming clearly overvalued? Like, what we have is a situation I ... when ... before you came to office, where somebody went down to get a mortgage, they had to put their income on the table, that was very heavily...

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

Ciarán Lynch: By end of your tenure it was out to 40 years, there was 100% mortgages, there was ... the ratios were eight to ten times people's incomes, and it goes on and goes on, and the fallout which is massive negative equity, because all of this credit and the relaxation of the application process to get a loan was becoming so stretched that more ... to keep up with the increasing prices of houses...

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

Ciarán Lynch: Okay, thank you. I'm going to move. Deputy Doherty, you've five minutes, then followed by Deputy Phelan and closing comments from yourself.

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

Ciarán Lynch: Just wrap it up, yes.

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

Ciarán Lynch: Deputy, this is your final question now.

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

Ciarán Lynch: Let Mr. Neary respond and then we will move on.

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

Ciarán Lynch: Okay, thank you. Deputy Phelan.

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

Ciarán Lynch: Okay, thank you. I'm going to bring matters to a conclusion. Mr. Neary, we've been here since 9:30 this morning; it's been a long dialogue. But I'm just offering you the opportunity, is there anything you would like to say by matters of conclusion or final comments or remarks?

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

Ciarán Lynch: Okay, with that said, thank you very much, Mr. Neary, and thank you for your participation today, and for your engagement with the inquiry. And I now formally excuse the witness and bring matters to an end with the suggestion that the meeting is adjourned until 3.30 p.m. on Tuesday, 9 June 2015. Is that agreed? There's also packs to be picked up there as people are leaving.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Ciarán Lynch: I remind members to ensure their mobile phones are switched off as they interfere with the transmission of the proceedings and cause serious problems for broadcasting, editorial and sound staff. I welcome the Minister for Finance, Deputy Michael Noonan, and his officials. The purpose of the meeting is to consider Committee Stage of the Consumer Protection (Regulation of Credit Servicing...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Ciarán Lynch: Amendments Nos. 1, 4, 10 and 16 are related and may be discussed together.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Ciarán Lynch: Amendments Nos. 2, 15 and 18 are related and will be discussed together.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Ciarán Lynch: How stands amendment No. 2?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Ciarán Lynch: Amendments Nos. 3, 5 and 7 to 9, inclusive, are related and may be discussed together by agreement.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Ciarán Lynch: At this point I wish to record a correction in the last vote. I made a mistake when declaring the result. The result is Tá, 2; Níl, 7.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Ciarán Lynch: We have decided to suspend the meeting for 15 minutes. We will let the Minister go.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Ciarán Lynch: We are back in public session. The Minister of State can resume answering Deputy Tóibín's question.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Ciarán Lynch: We can----