Results 5,681-5,700 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Thank you, Mr. Murphy. Your opening statement, which you provide to the committee will be published as well this morning in full, just so it's put into the record. And also just in terms of notification that was given to both yourself and Mr. McDonnell, you would be here representing yourself, along with the activities of your firm. So Mr. McDonnell, if I can invite you to make your...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Thank you very much, Mr. McDonnell, and thank you again, Mr. Murphy. We'll commence this morning's opening questions with Senator Susan O'Keeffe. Senator, you've 25 minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: What reference?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: I just need you to clarify that document, Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Sorry, Senator, I need you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: It’s a Bank of Ireland document, is it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: The witness may not be familiar now with the evidence of last week, okay, just to flag that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Sure, indeed. You’ve plenty of time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Okay, final question and supplementary then.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Okay, thank you very much. I just want to stay with one aspect of that, Senator, before I bring in Senator Barrett. If I can bring up core document page 55, group audit findings report, year ended 31 March 2008 and what this is is an audit findings carried out by your firm, Mr. Murphy and Mr. McDonnell, with significant audit risks and other areas of focus. Maybe if I can draw your...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Maybe you could elaborate upon that dialogue so that was taking place in terms of the "in common with other banks".

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Was there a discussion taking place in your firm at the time that there is a potential for a significant liquidity crisis coming down the tracks here?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Okay, and you advised the group audit committee. What was the advice you gave them? You said, "Accordingly, we will update the Group Audit Committee ..." - that's the Bank of Ireland group audit committee, I presume, you're talking about there.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Earlier in your engagement, I think it was Mr. Murphy or it could have been yourself, Mr. McDonnell, when Senator O'Keeffe was speaking to you about the banking experience held within your firm ... what was the extent of the property experience?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: But isn't it a case that, at the time ... that there was significant loan concentrations in the bank into the property sector and that that was going to ... that that had a relationship with the liquidity difficulties that the bank may actually encounter into the future? Would that have been seen, or even seen now, on reflection, as a necessary skillset or a deficit of skills, given the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Just to clarify for the committee, before I bring in Senator Barrett, did your firm have the relevant property experience or are you saying to the committee this morning that property experience wasn't a required prerequisite of the skillset of your audit team?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Thank you. Senator Barrett.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: Is it a Bank of Ireland document now you're talking about here?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: That hasn't been provided with the witness. And I've said this to members already, if they're going to be introducing other questions that are outside the core book ... the core documents we have this morning, they need to be notifying the secretariat and the witnesses beforehand. Okay? Now, the witness may be ... I'll give you a bit of latitude here, Senator. The witness may or may not...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Ciarán Lynch: On that.