Oireachtas Joint and Select Committees

Wednesday, 13 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Susan O'KeeffeSusan O'Keeffe (Labour)
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I'd like if I might to read from a book called Breakfast with Anglo, which you may be familiar with, written by Simon Kelly, who was himself a developer, and he says simply:

Banks believe valuers which always amazes me because valuers don't buy buildings. Valuation figures could be swapped for real money less a discount of about 20%. We'd be able to borrow 80% of whatever figure I could squeeze out of the valuer. An extra million in the valuation would be like the valuer writing me a cheque for £800,000.

What do you say? Yes.