Results 6,961-6,980 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Yes, okay. My apologies if I misread that. Okay, so with that said, Mr. Duffy, if I could invite you to make your opening remarks to the committee, please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: That would be very assisting, Mr. Duffy, and just that you know as well that the full document itself will be published by the committee-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: -----over the course of the afternoon. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Thank you very much, Mr. Duffy. And to commence proceedings if I can invite Senator Michael D'Arcy, and please, Senator, you've 25 minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: In what timeframe, Senator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: All right, final question. I'll bring you back in if you need further clarification on that at the end.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Thank you very much, Mr. Duffy. Thank you, Senator. Deputy Pearse Doherty, 25 minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Okay, thank you. Just on that matter, just to clarify that Mr. Duffy and we'll wrap up and take a break then ... So you're saying AIB itself did not carry out any report as to what went wrong in the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: However there were reports done, and maybe you could establish your relationship with them ... that under the EC treaty state aid rules. the bank was obliged to submit a restructuring plan to the EU Commission. There was one finalised in April 2010, it was updated again in July 2011 and was further revised in 2012, which would have been during your period.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: And if I can maybe just quote some of that to you ... If I can the witness document that's up there on the screen. It's page 39 and 40 of Vol. 2, AIB Bank 1. In the document - this is a report that was carried out - it says, in the summary and conclusions of the EU report in the ... it's paragraph 3.9 of it, it says: "Prior to the current financial crisis, AIB was a profitable bank with...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: This question was put to Mr. Forde last week and again put to Mr. Sheehy this morning. It was put to them in the context of the - and Deputy Doherty has referred to this earlier - witness statement given by Mr. Daly and his opening comment when he says that:While internal bank lending documentation may indicate that loan-to-value ratios were typically less than 100%, when the loan was drawn,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: By recall, could you maybe give the inquiry some examples of what you mean by poor documentation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: I am not asking for a specific portfolio. Maybe an example that would typify in general terms what a bad example was.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Okay. Can I now propose that we would take a break for 20 minutes, returning at 4.20 p.m.? In the meantime, can I just remind the witness that once he begins giving his evidence, he should not confer with any person other than his legal team in relation to his evidence or matters that are being discussed before the committee this afternoon? With that in mind, I now suspend the meeting...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: All right. So, I now propose that we go back into ... and resume the public hearing with Mr. Duffy, is that agreed? And in doing so, the next member for question time is Deputy John Paul Phelan. Deputy, you have ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Mr. Duffy, if we could ask you to give your own value judgment on whether the interpretation of the loan is ... and to use your own language really in that response. Yes, and I'd ... maybe defer from using the word "reckless" within ... in terms ... what is your view?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Thank you for that clarification. Sometimes in reviewing evidence a word can be inserted by a witness in response and then it gets applied-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Okay. Deputy Joe Higgins, ten minutes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Just be mindful now, Deputy, that we could be stepping outside the terms of reference of the inquiry. I'm just giving a bit of leverage here, in that NAMA is inside the terms, but activities that might be going into 2014 and 2015 may be beyond it but-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Ciarán Lynch: Just, okay, would you proceed?