Oireachtas Joint and Select Committees

Wednesday, 22 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

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

Yes. I'll be very brief. The dynamic, says Mr. McWilliams :

The dynamic of foreign funds buying up Irish property at deep, deep discounts, only to sell the same assets on in a few years at a significant profit, is the Hibernian piece in a global jigsaw which is seeing the very rich get even richer. To misquote Doctor Spock, "It's capitalism, Jim, but not as we know it."

He goes on to say that ... in other words, that it's deeply, and will be deeply damaging, that this type of speculation is now taking place in the wake of what NAMA has done as supposed rescue of the situation, that, in fact, it's deeply negative. And, lastly, that ... are there apartment owners or people who have mortgages-----

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