Results 8,021-8,040 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: Final question.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: There is no confusion, I am moving on, Deputy Michael McGrath.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: Quickly and succinctly.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: I invite Deputies Joe Higgins and John Paul Phelan to ask some brief supplementary questions before concluding proceedings.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: He said they were the usual members, not the usual suspects.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: There were a number of committees around that time, one of which was the domestic standing group.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: I propose to wrap up with a couple of issues. To return to a number of responses Dr. Bacon gave to Deputies Joe Higgins, Michael McGrath and other speakers, his reports focused extensively on the need to increase supply in the housing market to dampen house prices. Is that a fair conclusion? They did not really examine the commercial and retail property sector but were focused strictly on...
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: Housing supply increased substantially in the years prior to 2008, as noted by Dr. Bacon and others, and this did not appear to restrain house price inflation at the time. Loan-to-value rules were not properly implemented and, by Dr. Bacon's own terms, income ratios began to drift out of sync. In addition, in the buy-to-let sector, 100% mortgages, interest-only payments and so forth were...
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: The Central Bank is encouraging banks to revert to 20-year mortgage loans, which are the traditional mortgage schedule. In terms of Dr. Bacon's recommendation to extend the schedule to 35 years, would such a measure enhance access to credit for purchasers?
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: In July 2009, the Central Bank came out with a series of recommendations about income ratios - not setting off rooms in the house for letting purposes so that could be looked at. It was very strident on the issue of pulling back from the 35-year schedule, which would certainly be in conflict with Dr. Bacon's recommendation for 35 years. Does he still stand over the 35-year recommendation?
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: That brings me to the present. Would Dr. Bacon still recommend 35-year mortgages in today's market?
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: I thank Dr. Bacon for appearing before the inquiry. The objective of the inquiry is not just to look at the past and learn the lessons, but going into the future to ensure that the type of crisis that was visited on the Irish nation is not rested upon people's shoulders once more. Does Dr. Bacon have any advice or recommendations for this inquiry in a forward-looking sense?
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: I thank Dr. Bacon for his participation today. It has been a very informative and valuable meeting, which has added to our understanding of the factors that led to the banking crisis in Ireland. I propose that we suspend for 15 minutes and return at 11.55 a.m.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: We now move back into public session for the second hearing of this morning. I welcome to the meeting Professor Alan Ahearne, NUI Galway, on issues relating to early warnings, and divergent and contrarian views in the context of the banking crisis in Ireland. Professor Alan Ahearne is a professor and head of economics at the National University of Ireland, Galway. He is chairman of the...
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: I thank Professor Alan Ahearne for his opening remarks. Perhaps I can deal with two matters before I move to the lead questioners. This relates to pre the crisis of property and the banks. As discussed in his opening statement, in a newspaper article in October 2005, Professor Alan Ahearne warned of the likelihood of a hard landing in the Irish property sector where he cited evidence from...
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: In terms of what was the main finding, that a hard landing in the Irish property sector was coming down the tracks, as indicated in his report, does Professor Ahearne believe that view was listened to at that time?
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: Would Professor Ahearne consider that there was a consensus in regard to the hard landing theory at that time?
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: In another article in or around early 2007, Professor Ahearne wrote in the Irish Independent, warning that the property market was likely to crash and advising investors to get out of the market. He also featured in the "Futureshock" documentary that was broadcast in April 2007, making a remark of stark warnings. For example, he said he could name 30 or 40 hard landings after studying booms...
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: A question.
- Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)
Ciarán Lynch: The question that Senator MacSharry asked was about the tax hole that had to be filled of in and around €30 billion.