Results 6,381-6,400 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Certainly, just procedurally, this is a section 25 statement regarding the testimony of Professor John FitzGerald to the joint committee on 11 February 2015 and you want to address that matter specifically, Mr. Beggs, yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Thank you very much, Mr. Beggs, and maybe if I can just deal with that matter before I move on to the lead questioners. In my opening commentary with you today and in your own ... start of your own engagement, you're making it very clear that you were the chief economist of global treasury between 1992 and 2011, and in your section 25 statement, you're making that very, very clear as well....

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: How many economists at the sort of similar managerial level to yourself were at AIB?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: And who would have been the most visible AIB economist during that period?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay. And was your reporting line solely into global treasury, or did it go beyond global treasury?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay. So, your views would not have been confined just to the global treasury side of things, they would have travelled ... excuse me, to broader realms of the bank, yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay. So, in your role, the title of which was "chief economist global treasury", between 1992 and 2011 were you ever asked to talk to the board or any other committees outside treasury about your views on the economy?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Before we return to the content of the meeting, the engagement with Dr. FitzGerald, after that meeting, did you report back to your divisional head, the managing director of AIB capital markets, or anybody in treasury, in regards to this meeting, or any other segment or functionary within AIB?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay. Returning to the meeting with Professor FitzGerald, what was the motivation and the reasoning ... am I correct in that you instigated that meeting, yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay. Again, to try and simplify this down, I'm an early school leaver, I did my education as a mature student and there are people probably watching it this evening, saying, "What was the model?" The model wasn't somebody from some model agency, it was an economic structure that was put in place and it's a bit like The Hitchhiker's Guide to the Galaxy, where they design a model in that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: You didn't, okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: So, this would identify financial trends as to where the overall financial situation was going and people would make strategic plans as such and all the rest of it. But I suppose the one significant question that has to be asked here, did you go to that meeting with concerns, or was this just a modelling exercise?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Ciarán Lynch: But did you have concerns, going to that meeting, as to ... that there were indicators out there that was not showing up in modelling data, or was this just to add bells and whistles to a model?