Results 5,401-5,420 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Thank you very much, Mr. Horan. Deputy O'Donnell.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Could you just ask the question to afford some time for a response?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Could you clarify the point you're making?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Just be mindful now that the transcripts aren't up online yet so people might be making an abridged version of it. If it's not coming out as a statement it's coming out as testimony this afternoon I would be inclined-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: I know that but quoting can be difficult if you don't have the exact words in front of you. I can give you a bit of flexibility in that area, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Last question, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Thank you very much. Senator Michael D'Arcy. Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Yes, just be general in the institutions, okay?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Last question, Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Okay, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: I just want to wrap up now, just with a couple of matters and I just want to come back to just an earlier question, I think it was with Senator Barrett you had, Mr. Horan, and it was to do with the issues of excessive credit growth and particularly sector risk concentration. And I'll go on to a question in regard to the auditors later, but I think this kind of is an auditing related question...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: I'm trying to establish were there guidelines actually sent out by you and your sector that provided clear definitions and different definitions by banking supervisors?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Okay. So, by your own statement, because it wasn't actually set out, was it potentially then possible that the interpretation of sectoral concentrations, that that was really left to the banks who could interpret those concentration levels subjectively?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: But in continuous testimony here, and even in your own engagement this afternoon, it wasn't banks investing in start-up companies, it wasn't banks investing in IT, it wasn't banks investing in dotcoms or tulips or anything else like this, it was banks putting shed loads of money into the construction sector in one manifestation or another. So, in your opinion, should clear guidelines have...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: Okay. I'm just going to move on. In your statement, its in your opening statement there, it's in the very last line of it actually or the last paragraph of it, Mr. Horan. You say that "Audits and other forms of analysis undertaken failed to identify the looming issues that emerged in 2008 and 2009." And just giving our earlier conversation, can you explain why you think this was the case?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: In your statement you suggest ... its in the very last line of your statement: The solvency of credit institutions was an issue of concern throughout the crisis. It was vitally important to the management of the crisis and was, therefore, subject to ongoing consideration within the CBFSAI. The various audits and other forms of analysis undertaken at that time were suggesting that the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: And I'm assuming that the ... was the crash ... well, I won't assume I'll ask ... I'll ask you the question, was the collapse of every bank in the Irish State in one way or another a surprise to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Ciarán Lynch: So can you explain why that is the case?