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Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Thank you, Deputy. I just want to deal with one question and then I’m going to propose that we take just a short break. Minister Noonan, the former Attorney General, Paul Gallagher, described Ireland as "isolated" on the night of the guarantee and the time of the ... and this would imply that the nation was very much on its own, that there wasn't a friend in Europe, either in a...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Okay, thank you very much, Mr. Noonan. With that said, I propose that we just take just a bit of an interval and that we resume at 6 o'clock with the Angelus bell. Is that agreed? Agreed. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: In returning, if I now propose that we go back into public session. Is that agreed? Agreed. Now, if I can just deal with one more item myself and then I'll invite in Deputy John Paul Phelan. Minister, in the ... this is contained in the core documents. It relates to the ex-postevaluation of the economic adjustment programme, but the general tenor of the question is as follows: that in the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Okay, thank you. Deputy John Paul Phelan.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: We need to move on, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: And I would lever in Minister Noonan's prerogative to determine how much space he would move into that here.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: I know you're not refusing-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: We're drifting into Cabinet confidentiality now and Cabinet discussions and all the rest of it, Deputy. I would advise you either to get a more determined line of questioning or else move it on.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Thank you very much. Senator Michael D’Arcy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Now, Senator, I need you to wrap up there.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Thank you very much. Senator Marc MacSharry, please.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Let's move on so.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Senator Barrett.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Wrap it up now please, Senator, if you can.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Thank you, Senator. I just want to round off one issue there that Senator Barrett was dealing with you. That was when you were discussing the whole IFSRA regulatory ... regulation model and so forth. One of the issues that this inquiry looked at, Minister Noonan, was what powers were available to the regulator and what powers were available to the Central Bank at the time of the growing...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: So are you saying in that regard that policy positions taken by the Central Bank, in regard to supervision or mortgage products and lending products, or a policy position like the 20% deposit requirement, that you clearly see your role as not to be interfering in those positions?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Thank you. Michael McGrath.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Indeed, I will. I will.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: No, no. Plenty of flexibility, Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)

Ciarán Lynch: Thank you very much. Deputy Kieran O'Donnell.

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