Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Derek Quinlan:

Well, you could have done both but we decided, like, we had built ... we bought out GE Capital, it was, you know, a world financial ... out of a partnership in 2002 ... in October 2002. And we had an immediate platform in ... in central and eastern Europe where we saw that, you know, commercial yields on very well located properties were showing yields of around 9% to 10%. This was unheard of in Ireland or England at the time and it looked like that was a good place to be. You know, you had the same tenants in Prague as you'd have in London or here.

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