Results 1,561-1,580 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: I will just bring the document up on the board there - it's the board meeting re AIB/EBS merger and liquidity issues and discussed matters as well. In April 2011, Ms Tinney, when the Government decided to sell your society to AIB for €1, did you agree with this move and did you or the board put any alternative suggestions to the authorities?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Was there a sense of inevitability or could this have been an alternative approach, or maybe a clever idea could be put on the table or was it not being looked at?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: As part of that process, Ms Tinney, were retention bonuses paid to EBS staff as part of it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: You have no idea. Okay. Did you receive one?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay, thank you very much. I want to return to some questioning there that I had with Mr. Merriman this morning if you don't mind and if you were not privy to those meetings that's fine. I don't want you to be giving an opinion from a distance but if you have intimate knowledge of this information, it would be of assistance. So if I can just look at the first document - EBS's treasury...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: It should be on your screen now in one second. It is an e-mail to the board from Mr. Gerry Murray, it is the 17 November 2008 and it is a proposal to increase credit limits for Irish banks. This is post-guarantee, about a month or so after the guarantee, a month and a half.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: It is in front of you there. There is a summary of it and maybe if I can just go to the second paragraph, it says: These events will result in Irish Banks attempting to access the market for senior unsecured debt. Integral to the success of the debt offerings is support from the domestic market, i.e. [that] banks will need to purchase significant quantities of each others bonds....

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Have you got it? It's in book Vol. 2, page 107 if you're struggling with your monitor.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: 107.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay. You're better at the books, it would seem, Ms Tinney, than the screen. That's good.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: I suffer from that myself.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Yes. Are you familiar with that? Were you ... was that e-mail or correspondence brought to your attention, was it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: I'm sure it does.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Yes, I just want to move on to another document there that's ... that I discussed with Mr. Merriman as well this morning. This will come up now in a moment. Basically, just to familiarise yourself with this, this was post the guarantee, it was where different Irish institutions would purchase bonds and short-term money off one another, create activity in the Irish market and there was ......

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay. And this is the one here; here you go, yes. In that correspondence, if you look at the top of the page, it says: Fidelma Clarke outlined the basis of two proposals in relation to Treasury limits and programmes arising from the implementation of the Government Guarantee Scheme. Papers had been circulated prior to the meeting. And it talks about the counterparty limits then. These...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: St. Patrick's Day.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Ciarán Lynch: Okay.