Oireachtas Joint and Select Committees
Thursday, 20 December 2012
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Role and Contribution of Public Interest Directors in Financial Institutions: Discussion
2:05 pm
Dr. Michael Somers:
From what I know, people's financial positions are rarely that simple. They may have a mortgage and all kinds of other loans, such as mortgages on buy to let properties. I have heard of fellows with garages who were doing very well, then they built an office block on top of the garage and suddenly they are bust, because what they built does not cover the expenditure.
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