Results 8,621-8,640 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Would it have been coming from a particular sector? Would it have been coming from the pillar bank sector or from the financial services sector?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: We had a banking model in this country, going back for decades if not a hundred years, that did not face the crisis that we faced in the 2000s. Certain rules applied and sectoral concentration limits were very much a part of that - in the same way a pension fund would operate, you do not invest all your money in one horse.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: What we had was an over-concentration in property by banks in this country.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: I want to flag this. In 1995, when that bulletin was written, we were mainly talking about high street banks in this country. The topography of the Irish economic landscape changed and we had the major development of the Irish financial centre. As Deputy Doherty alluded to, there was an environment to develop that and everything else. Part of developing that was the creation in the Irish...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: On any occasion, did the Central Bank raise concerns in that forum on how financial institutions were operating, particularly with regard to concentration limits, or were any concerns brought to the attention of the group by either the bank or its members? Did this issue arise there? Something happened in the Central Bank which meant it stopped examining this. I am trying to figure out...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Before I bring in Senator D'Arcy, I will make a final comment. Like most industries, they want to grow. Would it be a fair assessment of that time that the only area in which growth could actually happen at the speed and the rate at which it was seen to required was in the area of property?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: But they were all growing that fast, as we know now from looking back at the records.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: There was exponential growth but the only growth that was happening-----
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: -----was in the area of property. What we had was massive growth in property yet we had a Central Bank position with regard to sectoral concentration which was completely out of kilter with what was actually happening in the industry. Would that be correct?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Professor Honohan is saying that letter was a dead letter.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Thank you. I call Senator D'Arcy.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: The Governor can best answer-----
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: That is a question we may be asking more specifically and directly to the individuals who may be able to answer it more accurately than Professor Honohan later on in this inquiry.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: What Senator D'Arcy is asking you, in fairness, Professor, is whether we got €11 million worth of advice.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: Department of the Taoiseach officials are there.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: I will give the Deputy just another few minutes.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: This is the Deputy's last question
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: That question is somewhat leading. I ask the Senator to refrain from asking it.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: This is very much in direct contradiction to what Peter Nyberg told the committee. He said warnings of stability risks appear to have been sidestepped internally or were made public, especially in the financial stability reports, but toned down in policy conclusions. Also, when material warning about risk was provided, he said there were clear indications that little attention was paid to...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Ciarán Lynch: So you agree with Peter Nyberg?