Results 11,801-11,820 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: The bottom line is this: what would be different if we were to turn the clock back and transpose what we are trying to create now back to the years 2007-2008 when difficulties were beginning to permeate? What would be different from what actually happened?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Ireland is hosting the Presidency of the Council of the European Union. Given that we are halfway through the term, what are we trying to do in terms of putting in a series of firewalls, if I may use that analogy, and trying to get them over the line or achieve agreement on legislation before the conclusion of the Presidency on 30 June?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: There were three items that were referred to over the course of the meeting. On the question of CRD IV, the credit requirements directive, we need an explanation as to how the senior executives and the senior staff in the Bank of Ireland were able to get bonuses through their remuneration structures. As I interpret it, that decision runs contrary to the directive. I request that the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: To develop Deputy Dooley's point, if, let us say, we faced a catastrophic situation - if we had a change of Government and were back to terrible management of the economy and governance we were used to, which got us into the earlier difficulties - would there be enough bells and whistles in this system to let us know we were approaching that difficulty before we get to what would be described...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Is the Senator referring to residential properties or investment properties - that is, factory developments and so on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Since 2009, the Central Bank of Ireland - Mr. Dempsey can correct me if I am wrong - has put in place new criteria, including the requirements for loan-to-value ratios to be brought into line, for mortgage calculations not to take into account overtime payments, rooms that could be rented and so on, for income ratios to reflect more normalised states in regard to mortgage lending and for...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: In July 2009 the Central Bank of Ireland issued very stringent guidelines to the banks in regard to mortgage lending. It referred to reductions in mortgage terms, more robust loan-to-value ratios and the tightening up of calculations in regard to mortgage lending. If there was an additional room in a house, one could not include renting it as earning capacity, nor could one include...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: As I understand it, bonuses and additional payments can be described in two ways. They are either fixed or variable. With a fixed bonus, if I work in the private sector I get an additional top-up payment at the end of the year. Or, if I have served so many years, I get an increase in salary. That is measurable, although it is not understandable to many people. There are also variable...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Mr. Carrigan cannot argue with me, in any case.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Yes. I think other committee members would like to hear that as well. The bank recovery and resolution directive, or BRR directive, is still awaiting backing from the European Council and European Parliament. The Irish Government in particular has a role to play in moving it on. I would particularly like to hear from the Irish Central Bank in this regard. In his presentation, Mr....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: I thank Mr. Carrigan for his very comprehensive briefing. We will limit the first round of questions and answers to 12 minutes and bring people back in for a second round if necessary. Is that agreed? Agreed. I will ask some questions to get the ball rolling. In addition to the implementation of the capital requirement regulation, the capital requirement directive and the bank recovery...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Let us say a bank has a significant high-street retail structure and also a very significant investment arm. I understand each of these arms will be siloed separately so contagion will not spread from one to the other, and so the investment side of the bank will not collapse and transfer the contagion to the depositor or retail side. The Department of Finance has made a recommendation in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: I would appreciate it if we were forwarded a note on it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: Mr. Carrigan mentioned the report produced in the United Kingdom. Reference was also made in the United Kingdom to how bankers' bonuses are to be dealt with. One of the key tenets of the capital requirements directive was the restriction on bank bonuses and the strict requirement for a linkage between fixed and variable remuneration in terms of what constitutes set increment payments and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: I understand that in the middle and lower tiers of the banks, certain changes must be made. In recent weeks in Bank of Ireland, there was a salary increase recommended by the remuneration board to the chief executive officer or the bank's directors. In the context of CRD IV, how did this happen?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: It is contrary to what the capital requirement directive seeks to achieve. Banks that are receiving State support are giving wage increases to senior managers and directors although those banks are not performing profitably in the private sector.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (4 Apr 2013)

Ciarán Lynch: No. 6 relates to decisions taken at the Joint Sub-Committee on European Scrutiny on 4 April 2013 which are to be noted on the public record. Under the terms of reference that established the Joint Sub-Committee on European Scrutiny, the sub-committee is required to report to the Joint Committee on Finance, Public Expenditure and Reform at regular intervals. The clerk has circulated to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Recovery and Resolution Framework for Financial lnstitutions: Discussion (4 Apr 2013)

Ciarán Lynch: No. 7 is scrutiny of COM (2012) 280 which relates to a framework for the recovery and resolution of credit institutions and investment firms in the European Union. I welcome Mr. Aidan Carrigan, Mr. Pat Casey, Mr. Kevin Nolan, Ms Mairéad McGuinness and Mr. Cathal Sheridan from the Department of Finance and Mr. Greg Dempsey and Mr. Greg Lavelle from the Central Bank of Ireland. Mr....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee (28 Mar 2013)

Ciarán Lynch: The committee is in public session. No. 8 is consideration of correspondence item 2013/462. It was agreed at the previous meeting to discuss this correspondence item in public at the next joint committee meeting. Further to the receipt of this item, new correspondence on this subject has been received. I can confirm that the IBOA has written to the joint committee notifying that it is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Business of Joint Committee (28 Mar 2013)

Ciarán Lynch: The correspondence is fairly clear. The IBOA is withdrawing its request to appear before the committee. If it wishes to write to us again seeking to appear before the committee it can do so. I will read the letter. Re - IBOA The Finance Union. Dear Mr. Lynch, I refer to our previous correspondence and request to address the Finance Committee. I wish to withdraw that request on...