Results 11,061-11,080 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: This is in a case of a write-down, because the bank has control of the other unsecured debt.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Okay, then. Perhaps to go through this once more-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Okay, let us say it is 50 cent, so the bank is writing off €50,000 of the €100,000. Does that mean that all the other unsecured debtors then are in for a 50% haircut as well?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Okay. In essence, the veto is a capability to tie in under-secured debtors to engage in a resolution process that involves debt write-down.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Okay, because there is a lot of confusion as to what the veto actually is. It is actually an opportunity for other unsecured debt to be pulled in and written down for a distressed borrower.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: We will be concluding shortly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: I will move now to wrap up this. I am due to be on the "Six One News". Therefore, I will have to leave the meeting at 6.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: It might be like the wedding feast at Cana. The best might be coming now. I will be like Columbo and ask one more question before I go. If we run out of time I will ask Deputy Twomey to continue chairing the meeting until we can get it concluded. I want to touch on the issue of new mortgage lending because what we are all trying to achieve here is normalisation in the housing market, not...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: I know in 2009 the Central Bank issued guidelines that came down to what were the old meat-and-two-veg-type approach, so to speak, namely, three times one's income, loan to value ratios of 90%, and rooms for rent, overtime and so on were not to be included. Is that the type of lending practice we will see in AIB as it starts growing its residential mortgage book?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: I have a copy of the Minister's letter. He is quite specific. He does not talk about documentation but he refers to such records to be preserved within the institution whether comprising documents, audio recordings or other formats in order to be available to the anticipated inquiry. It moves beyond just documents and minutes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: The Deputy's time is exhausted.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Will the Deputy respect the Chair and acknowledge what is actually taking place at this meeting?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: We will now move on to the final round of questions which will be followed by brief supplementary questions as I want to bring the meeting to an end at 6 p.m. We will take questions from Deputy Peter Mathews who will be followed by Deputy Shane Ross. They have five minutes which includes the time for AIB representatives to respond. If they want to spend their five minutes talking, that is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: The Deputy has just one minute left.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: The Deputy can continue, but he will not leave any time for the bank to respond because I will move on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: The Deputy is engaging in commentary. I would like to hear his questions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: The Deputy is sailing close to the wind. Under Standing Orders, Deputies must not refer to specific individuals.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: We must be mindful.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Deputy, I would have asked you to ask that as your first question if it is your priority question. I do not want to cut the Deputy short, but he had the option of putting the questions in sequence and we are now out of time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: I know Deputy Doherty has a radio interview shortly so I will allow him in now for five minutes.