Results 8,381-8,400 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: What does that mean in layman's language?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I thank Professor Black for that because we will be speaking to Mr. Nava later this morning and I understand that under the Basel III framework auditing companies can still concentrate 80% of their business within one company, so we will certainly be dealing with that. I thank Professor Black for that answer. I call Deputy John Paul Phelan.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I thank Professor Black. I noticed in his discourse that he differentiated between "banks" and "bankers". I know that in our earlier discussion, he just wanted that point noted.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I call Senator MacSharry.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I would like to bring Senator MacSharry in for his last question, please.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Does Professor Black charge for it? I know he is coming here for free, but are we-----

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: This is the Deputy's last question.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: That is a leading question. The Senator needs to frame his question in a manner that allows the witness to give his own testimony, not to be led by a member of the committee.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: A final question, Senator D'Arcy.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I call Senator O'Keeffe.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: In terms of what Professor Black means by liar loans, are they loans on which people more or less self-assess themselves?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: When the borrowers self-assess themselves.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Those questions are leading.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I am sorry, but that is a leading question.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: We will need to substantiate that. I take Professor Black's presentation on that, but we will need to substantiate it as we go through the inquiry.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: I shall bring this section of the meeting to a conclusion by inviting Deputies Higgins and Phelan to conclude. Before doing so, I have a few questions on the final point made by the professor. Is he aware of the Sarbanes-Oxley Act 2002 which was passed by the United States Congress?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: My Cork accent does not travel well across the Atlantic. The Act was passed in 2002. As Deputy Higgins said earlier, the US had an early crisis in the 1990s, lessons were learned and legislative Acts were put in place but another crisis happened. Can the professor give us his opinion on the Act?

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: It was introduced in 2002.

Committee of Inquiry into the Banking Crisis: Context Phase (5 Feb 2015)

Ciarán Lynch: That is exactly what I want to talk to the professor about. The long title of the Act reads: "An Act to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes." That means senior officials, as bankers in banks, must put their name to the assurances being given to the wider world with regard to the...