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)
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I won't press you much further on it Mr. McDonagh, I mean what was suggested earlier essentially is that somebody comes in to a bank and says "I have a field north of Mullingar that I want to buy for so many tens of millions", and then by the time it arrives on your desk, it is worth 10% of what the banks lent without any due diligence whatsoever. What would you call that? Could you put a name on it?