Results 5,921-5,940 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: And what was Dan's view?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: What was Mr. McLaughlin's view?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: And was Mr. McLaughlin at any time expressing concerns that were beyond the soft landing interpretation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Was there any time, Mr. Crowley, that you felt, or did you speak to Mr. McLaughlin with regard to getting a temperature reading in examination of concerns or potential concerns in the broader financial market?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Is this in the pre-2004 period or post-2004?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Pre-2004.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: So, he was pessimistic pre-2004. Okay

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: And would he have been optimistic post-2004?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Okay. All right. Okay. I just want to move on to the issue of remuneration before I bring in Deputy McGrath, and just bring a slide upon the screen there, if that's possible, it's the top ten payments and options 2004-2008. And it would appear from this document, Mr. Burrows, that the bonus proposals appear to largely measure performance against growth and earnings per share, EPS, and by...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Because the spreadsheet above there would indicate that the top ten executive remuneration list were all sales-orientated or business executive management, so in that regard, why did the board not consider the need to remunerate risk and compliance executives to a similar level? I understand in football teams, to use the football analogies that Senator O'Keeffe mentioned, sometimes centre...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: So was there a remuneration model for risk and compliance executives?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: I could maybe stand corrected on this, but our examination of Bank of Ireland records would not indicate that there was such a process in place.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Okay. All right, so if I can just finish up on that. The bonus and pension plans offered to senior executives of the bank were significant. Would you be in acceptance of the term "significant" that they were?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Okay, and, on reflection, do you believe that they were justified and appropriate for an Irish financial institution?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Okay, and given the period of time that those remunerations were issued, and the ultimate position of Bank of Ireland on examination now, and given that the remuneration was tied to a particular growth strategy that had presentable risks to it, do you believe that the remuneration was merited?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: We know that, and part of the purpose of this inquiry is looking into the future as much as it is looking into the past, and developing best practice models and so forth. Do you believe that the methodology, and ... by how these remuneration packages were issued, were merited? And should ... should we need a different type of remuneration project going into the future?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: And how would that model work?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: And, using such a model, would these bonuses and remunerations be clawed back?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: That you just described to me.