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Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: That was dealt with already.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Was it the drama or the documentary?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: It was a TV3 drama.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: I need to move on.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Senator MacSharry.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: The Governor has indicated a couple of areas he wants to follow up in order to be as conclusive as he can this morning. In doing so, there is one question that has to be asked, whether the sum is €40 billion, €64 billion or €30 billion. Where did it go? How was it spent?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: Professor, every Christmas in my local credit union, as they did around the country, people in previous years went down to pick up their interest rebate and their dividend at Christmas and there was a couple of hundred euros, just like a Christmas bonus for credit union members. Since the crash that has gone. I do not know if that is connected or not to the bigger programme.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: So where did the money go? It did not disappear into the either; it has a physical existence. So where did it go to?

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: There are a few additional points the Governor wants to add, and then I will wrap up.

Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)

Ciarán Lynch: As always Professor Honohan has provided a full morning, as he has in any meeting I have ever chaired with him, or a full afternoon. I thank him for his participation. It has been a very informative and valuable meeting which has added to our understanding of the factors leading to the banking crisis. We look forward to engaging further with the professor again later in the inquiry as we...

Written Answers — Department of Education and Skills: Teachers' Remuneration (14 Jan 2015)

Ciarán Lynch: 797. To ask the Minister for Education and Skills the timeframe for the completion of the internal job evaluation to be carried out in University College Cork to establish the correct rate of pay for employees of the Tyndall National Institute; and if she will make a statement on the matter. [1353/15]

Written Answers — Department of Education and Skills: Special Educational Needs Service Provision (14 Jan 2015)

Ciarán Lynch: 807. To ask the Minister for Education and Skills the changes proposed regarding learning support and resource teacher allocation; if she will address the concerns raised by a school principal (details supplied) in County Cork [1492/15]

Written Answers — Department of Environment, Community and Local Government: Tenant Purchase Scheme Administration (14 Jan 2015)

Ciarán Lynch: 878. To ask the Minister for Environment, Community and Local Government the progress to date regarding the sale of flats to local authority tenants; if details of the transfer orders and charging orders have been prescribed to local authorities; and if he will make a statement on the matter. [1494/15]

Written Answers — Department of Environment, Community and Local Government: Seniors Alert Scheme (14 Jan 2015)

Ciarán Lynch: 911. To ask the Minister for Environment, Community and Local Government the changes to the seniors alert scheme that are proposed; his views on whether sufficient consultation has been undertaken with interested parties; his further views on the points raised in a document (details supplied); and if he will make a statement on the matter. [1107/15]

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Ciarán Lynch: The Deputy’s time is eaten up.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Ciarán Lynch: We will now have a final brief round of questions. The two leads will have five minutes each, with other members having one minute each. We will begin wrapping up after that. I invite Senator Barrett to put his final questions.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Ciarán Lynch: Mr. Wright's report continually refers to the pro-cyclical fiscal policy which obtained at the time-----

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Ciarán Lynch: -----and highlights the fact that, ultimately, this was going to give rise to a crisis. As we know - and separate to the banking crisis - when the economy crashed, there was a €30 billion deficit. That was a Department of Finance problem. The Central Bank was responsible for monitoring what was happening in the banks. The activities in which the latter were involved ultimately gave...

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Ciarán Lynch: In the context of the two issues to which I refer, is Mr. Wright of the view that two significant agencies within the State which were dealing concurrently with two major crises were not engaging with each other to the extent to which they should have been?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Dec 2014)

Ciarán Lynch: In terms of the shortfall within the economy and the impact of the banking crisis, the outcome for the State is a debt of approximately €100 billion.

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