Results 1,721-1,740 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: Okay, all right. And then I'll just go to the third column, which is "Increased Return (Introduce an Unsecured Deposit Bridging Loan) ... We currently offer a deposit loan through GE Money." What is GE Money, by the way?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: Okay. "We are proposing offering deposit bridging product through EBS, a higher rate to increase return on capital. There are system implications and therefore we expect delivery in Q2 in 2006." That's the recommended option. Was that taken?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: Okay. All right. Can I ask you, Ms Clarke, just on the broader scheme of how the model was developing during then, did the board understand the risks attached to such lending and what could happen should it go wrong?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: Yes, in the regard, EBS increased commercial and development lending significantly in the period from 2003 onwards. Did the board understand the risks attached to such lending and what could happen should it go wrong?
- 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: Sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: All right, okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: Were you familiar with any concerns at board level?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: At what time? Was there a concern you were aware of, if any?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: You were familiar with board concerns at that time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: And was that reflected in the overall EBS book or was it inclusive of the subsidiaries in the brokers and all the rest that you were including?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: In terms of the strategy that the concerns were raised that you were hearing about around 2007, was the strategy itself by your observation one driven entirely by competition or was it other factors? This is the strategy to grow.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: Sure, 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: And coming back then to 2003, these are the difficulties in 2007 that arose-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: -----but back in 2003 was the strategy driven by competition to engage, like I have demonstrated, some of the advertising that was going on? Was the strategy initially one based upon competition in the market?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: Okay, and very, very finally, just with regard to the whole process itself, how aware were you of any skill problems with EBS, who had little previous exposure to commercial lending?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: The skillset was gone.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: Thank you. I, just, Senator O'Keeffe has just indicated once to me. Just briefly, Senator, and then I am going to bring in the wrap-up.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Ciarán Lynch: Senator Barrett, conclusion?