Results 8,581-8,600 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Was it a self-fulfilling prophecy that this would happen two years later, when the guarantee ran out?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: I will bring the Deputy back to Professor Honohan's report because we will deal with the bailout during a later module.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Will the Deputy put the question rather than make a statement?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Professor Honohan said that between 2004 and 2006 things were getting rocky. What happened in 2003?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: With regard to the banks' balance sheets, their lending and the volume of money in the economy, cash started to circulate in 2003 and 2004 following the dotcom crash and not when Ireland joined the euro in 1999. What was happening in Ireland in particular around 2003?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: On that basis and to verify Professor Honohan's opinion on it, would it be fair to say that it was not the entry into the euro in 1999, low interest rates and a unified currency across the region that instigated all this credit immediately? It was three or four years later that the credit cycle actually started happening in the country at a worrying level.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: I will call the Deputy later. Deputy McGrath.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: There was a two year and two months period between the guarantee and the bailout, Governor-----
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: -----so I would like to concentrate on the guarantee this morning.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Explain subordinated debt for the benefit of people watching.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Thank you, Professor Honohan. Before I move to the other questioners, three issues arose with the two lead questioners that I wish to tidy up so people do not repeat the questions. The first relates to the European Central Bank. Was contact made with the ECB at any time during the period leading up to the banking guarantee?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Could you indicate what the dialogue with the ECB was, if it was not about that?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: It cost €100 million to bail out. The Germany taxpayer took it over.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Was a guarantee part of that discourse?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: While there was contact with the ECB-----
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: The other matter is the area of risk assessment methods. Other members will go into that as we progress with the questions. However, there is the issue of the powers of the Central Bank and the powers of the Governor of the Central Bank at that time. Did the Governor have the power to issue specific directions relating to a wide range of micro-prudential policies, including credit...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: I am asking what choices he had before him.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Did he have the power to set credit concentration limits? I will be returning to this later.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Will you refer back to the committee on that?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Thank you. Senator Barrett has ten minutes.