Results 5,841-5,860 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: And I'll return to the question again, does this reflect an appropriate level of reporting to the board or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Okay, thank you. Senator Barrett.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Both yourself, Mr. Burrows and Mr. Crowley, if I could invite you a bit closer to the microphone, Mr. Crowley, as I have a little bit of difficulty hearing you myself, both of you were, served on the board and, in that role, both of you would actually have served as directors with the responsibility of directors. Am I correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Could you explain to me what the responsibility of a director is?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Bring maybe your notes. Mr. Burrows, you served as director as well. Maybe you can shed some light to the inquiry as to what the responsibility of a director is?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Is it a part-time or full-time position?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: What's the remuneration for it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Okay, for Bank of Ireland, what was the remuneration for a director?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: For a non-executive and both of you served as non-executive directors. I would've imagined and or maybe not, that there would be significant time commitments to the bank per annum with that job, even if it were part time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Okay. And part of that role is that you get an information flow from management, yes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Okay. Were you satisfied with the information that was flowing from management to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Okay, right through on ... and to the inevitable point where we had a guarantee and we needed to see significant capitalisation going into Bank of Ireland. Going back right through your time with Bank of Ireland, right back to your time as a non-executive director, you were quite happy with the information flow that was coming through to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Okay. And Mr. Crowley, would you concur with Mr. Burrows's analysis of the role of a director and how it functioned in Bank of Ireland at that time? And would you have been surprised at the information, or would you have been satisfied with the information you would have been receiving as a non-executive director?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Okay. Right thank you, just one final question before I move on to Deputy Murphy in that regards, so, is: the loans that went to NAMA were put in place during your tenure, Mr. Burrows. Were you not surprised at the level of discount that came afterwards?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: I'm aware of that, Mr. Burrows, but the loans initially were put in place during your tenure - the result of those loans was what happened in NAMA, but the establishment and genesis of those loans was during your period.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: And I'll repeat the question again, were you surprised or not surprised by the level of the discount, Mr. Burrows?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Ciarán Lynch: Why not?