Results 1,701-1,720 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: Yes. If when a mortgage was taken out through EBS through a broker and the broker went to you and said, "Mr. Lynch's, here is his portfolio, his P60 and all the rest of it", how would the indemnity issue be managed then?

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

Ciarán Lynch: So there was a difference in the loan to value between what the broker was able to offer and what you were able to offer directly.

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

Ciarán Lynch: Okay. So on no occasion did the loan to value equalled what you were giving that brokers were actually presenting.

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

Ciarán Lynch: Okay, all right, thank you. I just want to move on to some matters relating to the lending period from 2003 onwards and just present a number of documents to you that are in your pack. EBS increased commercial and development lending significantly in the period from 2003 onwards. I'll just go through some of the slides that we have here. The first one here is actually this one that went...

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

Ciarán Lynch: Were Genworth your indemnity company? Were they?

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

Ciarán Lynch: Indeed. So were ... where were Genworth coming from this? Were they seeing that the product was getting out of control or that they want ... that they had concerns with regard to how much they were now exposed with regard to the risk? Where were Genworth coming from?

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

Ciarán Lynch: Sure.

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

Ciarán Lynch: And did they?

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: Yes, okay. Did Genworth's costs go up, down or remain the same?

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

Ciarán Lynch: They went up substantially, did they?

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

Ciarán Lynch: How much?

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

Ciarán Lynch: 10%, 20%? I'm not looking at the sum.

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

Ciarán Lynch: On 100% mortgages where did Genworth go?

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

Ciarán Lynch: Okay, I won't pin you to a figure but you will say substantially, yes?

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

Ciarán Lynch: Okay.

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

Ciarán Lynch: Indeed.

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

Ciarán Lynch: And given that Genworth were the tendered or the option of insurer that you actually had, they were the only company-----

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

Ciarán Lynch: -----you were dealing with. They were your partner in this regard.

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

Ciarán Lynch: Did Genworth at any time express concerns with what was coming in through Haven and other brokers in regard to the overall institution?