Results 6,601-6,620 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: But there was nobody in Ulster Bank at the time ... we know ... you said you got it wrong, but at the time was there anybody in Ulster Bank saying that this could be wrong? And if there wasn't, why was that concern not being expressed? That's not with the benefit of hindsight, but just anybody at the time saying that there could be a problem here?

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

Ciarán Lynch: Well, we know from earlier testimony here that some of the stress testing wasn't looking at the property sector at all. We know that from earlier testimony given here. But looking specifically at Ulster Bank, what was absent in your risk assessment that this wasn't showing up?

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

Ciarán Lynch: But I'll bring in Senator O'Keeffe after this, so just the traditional banking model that has sustained banks for over a century in this country and for several centuries, the prudential rules had changed completely. Did it require an external factor outside the Republic of Ireland for Ulster Bank to actually run into difficulty with these products now coming on line?

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

Ciarán Lynch: If a person bought a house in the 1980s, albeit with a different interest rate at the time, they would have had a 20 year schedule, the ratio of their income would have been more measurable to the mortgage they were taking onboard, they would have had to come up with 90% ... or they'd be on an LTV of 90%, they'd have to come for a 10% deposit, there ... there wouldn't have been a tracker...

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

Ciarán Lynch: Okay, thank you. Senator O'Keeffe.

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

Ciarán Lynch: Final question, Senator.

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

Ciarán Lynch: Senator, I need to move you towards a final question.

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

Ciarán Lynch: Final question, Senator.

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

Ciarán Lynch: This is your last question now, Senator.

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

Ciarán Lynch: Okay, thank you. Senator Marc MacSharry.

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

Ciarán Lynch: Okay, thank you very much. With that said, I now propose that we break until 4.25 p.m. The witness is reminded that once he begins giving evidence, he should not confer with any person other than his legal team in relation to his evidence on matters that have been discussed before this committee. With that in mind, I now suspend the meeting until 4.25 p.m. and remind the witness that he is...

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

Ciarán Lynch: I'm now proposing that we go back into public session to continue with our engagement with Mr. Cormac McCarthy from Ulster Bank, this afternoon. Is that agreed? Agreed. And, in doing so, if I can invite Senator Michael McD'Arcy please. Michael ... Senator D'Arcy. We're more informal in the afternoon, I'm afraid. Senator D'Arcy, you have ten minutes.

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

Ciarán Lynch: When was that said?

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

Ciarán Lynch: You are a professional politician.

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

Ciarán Lynch: Okay, thank you. Deputy Pearse Doherty. Deputy you have ten minutes.

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

Ciarán Lynch: Final question now, Deputy.

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

Ciarán Lynch: Just the date of the response, can you get the date of the response there, Mr. McCarthy, please?

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

Ciarán Lynch: The date of the response.

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

Ciarán Lynch: Okay. Thank you very much. Mr. McCarthy, I just want to deal with the issue of remuneration there just for a moment, and refer to core document UBI - B5. There is in that, there is a description of remuneration schemes in period 2001 to 2008, and there's also a list of top ten bonus payments and share option awards for each of First Active and Ulster Bank for the period of 2001 to 2008....

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

Ciarán Lynch: Bearing in mind the confidentiality factors there, you see redacted with regard to customers' information, but there is two employees have caught my eye: employee 14 and employee 15. In the year 2001, employee 14 and 15 received a bonus package of €65,000 and €45,000 respectively, and in 2003 their bonus packages went up in approximately on average €250,000 each.