Results 5,701-5,720 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: You can't ask that question, okay? That's a leading question. Could you care to comment upon that as a proposition, that the advice that was given to Bank of Ireland would have maybe given a more benign position to what the true health of the situation was?

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

Ciarán Lynch: Hold on a second, now. We're drifting outside the terms of reference of this morning. Unless you've something germane and that's relevant to this morning's line of inquiry, Senator, I just have to ask you to move on.

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

Ciarán Lynch: Sorry, sorry. Senator, I'm going to have to ask you to kind of ... you're moving into a leading line of questioning, now, this morning. So, if you can ask questions rather than just make a series of statements, or else I'll have to move on because we've a particular line of questioning we do have to pursue this morning and I don't want to be taking up members' time by taking the questions...

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

Ciarán Lynch: -----concentrate now on the programme of work that we have ahead of us.

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

Ciarán Lynch: Just ask the ... Mr. McDonnell for his opinion. Whether it's a matter of regret or not, Mr. opinion ... or Mr. McDonnell will inform us.

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

Ciarán Lynch: I'm encouraging the Senator just to ask the question. Whether it is a matter of regret or not is something that you ... you can disclose, Mr. McDonnell.

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

Ciarán Lynch: Bank of Ireland booklet ... you'd have to give notification prior to the ... if it's just a statement from it you want to use Senator Barrett, I can allow you to read it out and maybe ask Mr. Murphy or Mr. McDonnell to comment upon it.

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

Ciarán Lynch: Senator, I'm going to have to .... you need to reference the document in full for me. But I would advise members very, very strongly that if they are going to be introducing documents that are not on the core listing for this that there is plenty of notification to be given to witnesses in advance because the full context of what is actually being delivered is not being given to the witness....

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

Ciarán Lynch: Okay ... if that's when your ... we're moving in now to an operational matter ... for the bank as opposed to what are actually operational procedures and auditing measures for the firm that's actually before us. Mr. McDonnell is already on record as saying that he ... clearing ... making a clear distinction between what are bank operations and what are auditing operations. So, Senator, I'll...

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

Ciarán Lynch: On the basis of what, Senator?

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

Ciarán Lynch: Final question Senator.

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

Ciarán Lynch: Okay. Thank you very much. I want to turn to one matter there, please, before I bring in Deputy O'Donnell and that's in regard to the NAMA-acquired loan portfolios from Bank of Ireland. This is in the core document, page 25 - annual report and financial statement. So, in there when NAMA acquired the loan portfolios from Bank of Ireland, NAMA imposed a haircut of over 43% on the nominal...

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

Ciarán Lynch: Yes, the 43% haircut.

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

Ciarán Lynch: I'll take you to the acquired loans asset document that's in front of you there.

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

Ciarán Lynch: If you look at it ... on table 3 on the right-hand top corner of it, there is the Bank of Ireland loan balance transferred, a €9.9, I presume these are billions, consideration paid €5.6 billion, discount 43%.

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

Ciarán Lynch: I'm asking you were you satisfied with the valuation methodology used by Bank of Ireland in assessing the value of their land and development loan book before it went into the haircut?

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

Ciarán Lynch: But, can you provide any explanation to the committee this morning as to why the NAMA high cut, rather than NAMA haircut, was so high, Mr. McDonnell?

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

Ciarán Lynch: Okay, so can I just check for the record so Mr. McDonnell, were PwC aware of the fair value of these loans when signing off on the account?

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

Ciarán Lynch: So, what was the difference between the fair value and the IAS 39 valuation when it all panned out?

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

Ciarán Lynch: Was there a difference?