Results 6,501-6,520 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Deputy, you're out of time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: I'll bring you back in, you're out of time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Just to clear up on that issue there before I bring in Deputy McGrath. On the board, are you on record this morning, Mr. Boucher, saying that the board were not seeking that type of information?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Which brings me to the other question. Would it not have been the case that it would have been a responsibility, or not, of senior experienced staff to actually bring that information to the board?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Okay, thank you. Deputy McGrath.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Thank you very much, Deputy McGrath. If I could maybe just return to one matter, Mr. Boucher, and that's to do with the NAMA discounts and in relation to loans acquired by the bank from ... when NAMA actually took over your loan book. The discount overall amounted to something like 43% to Bank of Ireland.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Not the highest; some banks went up to 63%. Could you offer possible explanations for such a high figure and why it was not reflective of the bank's provisioning policy up to the time of NAMA acquiring the loans? Quite simply, you had these loans valued at one figure and when NAMA got sight of them, it came out completely different.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Do you think the NAMA valuations were inaccurate or an accurate reading of what the valuations were when they got sight of those?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: I know that you've expressed the flaw with the methodology-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: And was there any relationship between the valuation placed upon NAMA and the level of concentration that Bank of Ireland actually had in the sector?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Okay. Besides you talk about maybe fundamental difficulties with the accountancy processes and so forth, as to how the valuation of it would be done, but in Mr. Daly's testimony to the inquiry a number of weeks ago from NAMA, Mr. Boucher, he put out, I can go through it in depth, but I can maybe just summarise it for you, where he was saying that the equity growth in the purchase of one...

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: And at that time, was the bank looking at, if a particular developer was acquiring a substantial loan from Bank of Ireland, were you looking at other liabilities that they may have had with financial institutions or issues across securitisation or situations where maybe a personal guarantee was being used in a multiple of circumstances?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: How do you understand it now?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Final question on that before I bring in Deputy O'Donnell. In the context of Bank of Ireland, do you believe that NAMA was required?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Okay, thank you, Mr. Boucher. Deputy O'Donnell.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: You have used a good bit of time now as well, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Ciarán Lynch: Final question, Deputy.