Results 8,521-8,540 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: There are two other matters. In and running up to the conclusion of Mr. Regling's report, he states that there were two groups of factors that caused the crisis in Ireland. There were the global factors which were external factors and there were the home-made factors. Which was more decisive in contributing to the Irish banking crisis and financial collapse: the international factors or...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: Would there have been a crisis in Ireland regardless of what was happening outside the country?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: On the home-made factors, Mr. Regling spoke about the pro-cyclical fiscal policy, which was the Government incentivising continuous spend, particularly in areas of property and so forth, weak governance and risk management within the banks, weak regulation and supervision of the banks by the Irish authorities, and the absence of forceful warnings regarding financial stability from the Central...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: My final question to Mr. Regling in regard to the committee and the work we are doing is how the eurozone members collectively and Ireland in particular can work to ensure that the risk of a similar banking crisis occurring in the future is mitigated or prevented from happening again.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: I thank Mr. Regling again on behalf of the committee for his participation today and his engagement with the committee. It has been a very informative and valuable meeting in understanding the factors leading to the banking crisis in Ireland. Once again, we extend our sympathies to the family of Mr. Watson on his recent passing. I propose we suspend until 11.45 a.m., at which time we will...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: The Joint Committee of Inquiry into the Banking Crisis is resuming in public session. Next on the agenda is our discussion with Professor Philip Lane from Trinity College Dublin. Our guest is a professor of international macroeconomics and director of the Institute of International Integration Studies at Trinity. He received a doctorate in economics from Harvard University in 1995 and was...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: I thank Professor Lane. To summarise some of the points touched on in his opening statement, he seems to suggest that even in the context of the eurozone the authorities in Ireland could have done much to stem the rising boom via prudent fiscal policy, a credit policy through the Central Bank and the Irish Financial Services Regulatory Authority and the suggestion of a rainy day fund....

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: I would like to ask a question before I call Senator D'Arcy. Professor Lane suggested in his paper that if Ireland had not joined the eurozone, the potential would still have existed for a credit boom to happen in Ireland. Maybe he can expand on that.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: I thank Professor Lane.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: The Senator is out of time.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: I wish to pursue two of the matters Deputy Higgins raised. The first relates to the growing sophistication, complication and diversification of the range of products available within the financial services sector. Did the availability of such products have an impact on the regulatory framework that was in place and increase the pressure on it?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: The second matter is securitisation, which Professor Lane mentioned in both his opening comments and in a couple of his engagements with members. Will he explain what constitutes securitisation and indicate how banks develop and sell securitised products? What was the rate in Ireland compared with the US in this regard? Was it lower or higher and what was the level of concentration in the...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: Does the bank still own the mortgages when it issues the bond?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: The Senator made a statement. Is she asking a question?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: In fairness, the Senator cannot make a statement and ask a witness to agree with it. The Senator should ask a question.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: I remind committee members that it would be more to the purpose and beneficial to ask questions based on the paper and any information that Professor Lane has submitted to the committee today rather than moving into subjective areas on which he may or may not have an opinion. On a number of occasions, he has stated a question might be better answered by other witnesses coming before the...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: Be mindful of where we are going, Deputy.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: To cap off on a point Deputy Doherty raised with Professor Lane, if we look at ELA as a defibrillator or a life support machine, in his opening statement Professor Lane stated that it is possible there was a lack of precedent or the untested nature of the ELA framework and that was one of the reasons. Was it the case that they had the equipment but never read the instruction book and they...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: That brings me on to my next question. ELA is only available on the basis that the bank is in need of liquidity. If the bank is insolvent, it is prohibited from getting ELA. That is correct, is it not?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Ciarán Lynch: Therefore, in Professor Lane's view, should the ECB have approved such enormous loans to banks such as Anglo Irish Bank and the Irish Nationwide Building Society during the period 2008 and 2010?