Oireachtas Joint and Select Committees

Thursday, 15 January 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Photo of Joe HigginsJoe Higgins (Dublin West, Socialist Party) | Oireachtas source

To sum up, I have been asking about the Irish Financial Services Centre and the push for profit maximisation, which pushes against effective regulation. The associate professor in the school of business at Trinity College, William Kingston, cited Professor Honohan and Regling and Watson in an article. He pointed out that from the mass of evidence they provide, it emerges beyond doubt that the International Financial Services Centre, which came to life under the Haughey regime which took office in 1987, has been an important element in the self-destruction that took place - referring to the excesses of the property bubble - and that tax havens, of which the IFSC is one, are in competition to offer as little regulation as possible. Does Professor Honohan agree with his interpretation?

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