Results 841-860 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Thank you very much. If I could just, maybe, deal with two matters myself. I just operate with the books at the moment, with you, Mr. McGann, and it relates just to ... it's Vol. 1, page 58. It's an extract from Anglo's risk management report 2008 and in it, Anglo's monthly risk management report notes on the continuous basis that the bank is in excess of the Financial Regulator's single...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Maybe, correct me if I'm wrong here, but, as I understand it, Anglo wasn't a high street bank. You wouldn't find it in your local town or village.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: It didn't have ATMs around the country and it may have had a mortgage book but its mortgage book wouldn't have been its main body of work.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: So, Anglo's ... and bearing in mind as well that construction in the country at that time accounted for 24% of the Irish economy, which was twice above the recommended norm. Construction should account to about 12%. It's at 6% at the moment. They're moving upwards again, which it needs to get back to a sustainable rate of 10% to 12%. But, at that time, the construction in the country was...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay. And were you satisfied with any of the explanations that you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: But with the ... NAMA's testimony to this inquiry in terms of how loans were actually being funded was, if I could give an example, a person would maybe, from the get-go, at the very, very first development, would maybe get a loan-to-value situation where they might have to come up with 10% or 20% or 30% of the cash. But, because we were in an escalating and hyper property inflated...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: And, as I articulated it, would you consider that an accurate articulation?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay. Moving on again just to another document, it's Vol. 2 of the court documents, which is page 27, transcript of public hearings dated the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: It's Vol. 2, page 27 and it's a transcript of public hearings that we had with Mr. Brendan McDonagh. And, NAMA, when they were before us, and in information that they provided, estimated that circa of around €9 billion of interest roll-up was included in loans transferred to it by five banks. €3 billion of it related to Anglo, and I'll just go to the testimony there. It was...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay. And was the figure included in board and senior management information dashboards on a regular basis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay. And was this level of increased risk monitored within the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Yes, but if you ... coming back to my earlier articulation to which you agree with, where you have a significant, though small, number of investors, a number of which would be engaging in interest roll-up ... if you've interest roll-up over a broad field, the exposure is weighed out of one small field. But with such a narrow field of individuals, did the bank consider that in terms of risk?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay. And did the bank have adequate information systems to monitor this risk properly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Well, distinguish.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Okay. Thank you. Senator Sean Barrett.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: Please ask the question now, Deputy ... or, Senator, without moving to your own conclusion, please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: I'm going to stop you for a second there.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Ciarán Lynch: I'm getting reports, there, of communications interference all morning from mobile phones. Even the public have actually been in contact with the communications unit here. So I have to insist ... I'll go into public ... or private session and the next time this actually happens but ... if I hear phone interference. It's of huge annoyance to people who are actually trying to avail ... and...