Joe Higgins (Dublin West, Socialist Party)
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In his executive summary, Mr. Nyberg states "This Report explores what the Commission considers to be the most important policies, practices and linkages that contributed to the financial crisis in Ireland." He goes on to state, in a paragraph entitled "The Herd: Other Banks", "Bank management and boards in some of the other covered banks [these would be the major banks in this country] feared that, if they did not yield to the pressure to be as profitable as Anglo, in particular, they would face loss of long-standing customers, declining bank value, potential takeover and a loss of professional respect." Was excessive profit seeking on the part of banks and property developers an important practice in contributing to the crisis?