Results 13,001-13,020 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Does Senator Barrett wish to ask other questions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: What makes public interest directors different from the other directors on the board?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Their primary client is the bank, it is not actually the State.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Therefore, they are not really personal interest directors, as such, particularly if they are required to obey the law.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: That is not the question Senator Barrett posed. He inquired as to what made personal interest directors different from other directors on the board. Mr. Boucher's response was that under company law, they were required to behave and display a duty of care in the same fashion as the other directors. They are not, therefore, really any different from the other directors.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: They do not report to the State, the Minister for Finance or, under its terms of reference, this committee. This means that they are no different from the other directors.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Which is a great position in which to be. In terms of their day-to-day work, they do not do anything different from the other directors. I would love to be in a position where I would not be obliged to stand for re-election at the conclusion of the term of each Dáil. However, that is not the way it works. There are rules to which the people concerned are obliged to adhere and, as...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: I wish to make a proposal to the effect that we should call the public interest directors to come before us at the earliest opportunity. Is that agreed? Agreed. Does Senator Barrett wish to add anything?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: I ask the Deputy to place a redacted copy of that correspondence before the committee. We do not need the individual's name and address, but a copy of the letter would be useful.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Deputy Donnelly is in possession.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: I apologise for interrupting. As I can barely follow the discussion, I am concerned about how listeners at home are faring. Is Deputy Donnelly referring to the bank's mortgage lend book or the total lend book?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Thank you, Deputy. I invite Mr. Boucher to continue.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: The question is peculiar.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Okay, I will leave it with you. You are like Columbo. You have one more question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: We have plenty of time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Do you wish to read the letter into the record, Deputy?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Deputy Humphreys, if you wish to make such a statement I will have to ask you to put the letter on the record.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: I will allow you to go through it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: I will summarise my reading of the letter. Deputy Humphreys, you are saying that the letter gives the impression that the variable rates will be better when measured against tracker rates at some time in future. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Ciarán Lynch: Were all the recipients tracker holders?