Results 23,001-23,020 of 35,959 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Did anyone copy NAMA?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: And successful outcomes or unsuccessful outcomes in those areas?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: But in terms of the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: But in terms of ... obviously, NAMA wasn't set up for the purpose of the economy. Obviously, it would have an effect on the economy. It was set up in terms of the banks ... in terms of getting the bad assets off the banks so do you have an analysis of how successful the NAMA ... the copying of NAMA in Slovenia and Spain ... how it worked out in relation to its stated purposes as opposed to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: No, that's not the point.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: That's not the point, Mr. Ahearne. The point is in relation to the establishment of NAMA to bring bad assets off the loan books of the banks. For example, it didn't really help Anglo Irish Bank or Irish Nationwide. Those two banks went bust. What I'm saying is you make the point that NAMA was replicated in two other European member states. With the stated purpose that it was set up for,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: The economy could have recovered in those countries or could begin to recover for other reasons, but the banks could have still been left as some of our banks were that were not able to be ... that didn't recover.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Okay. We heard-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Okay. We heard in testimony from various witnesses on the issues of NAMA and their belief that NAMA crystallised losses at the wrong point in the property cycle. For example, we also heard from Mr. Fingleton last week and he gave examples of three loans that he would be familiar with which were haircutted by NAMA which he believe will ... has already accrued close to half a billion euro of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: But does the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: But does the transfer ... the example that was given, which we haven't seen as a committee, but the example that was given in terms of the haircuts that were provided on three particular loan cases, NAMA actually generated a profit of close to half a billion euro on them. So, therefore, it was because of the crystallisation, in Mr. Fingleton's view, of the losses at that time on the books of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Well, Mr. Ahearne, we've also heard, and I think it was Deputy McGrath who talked about what's been referred to as vulture funds and private equity funds which are flipping loans, and we have much of this in the media which ... where they're making massive profits because not only did NAMA crystallise the losses at a point in time of the property cycle but it also ... it also sold on the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: That's not-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: That's not the case that's being put to you, Mr. Ahearne, with all due respect. The case is that NAMA's structure meant that they had to sell on these loans. They had to sell on these assets within a certain period of time and that was being done at a time when the property prices were either at rock bottom or just starting to recover, whereas if the structure of NAMA were allowed to hold...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: My time is limited on this here but I would probably ... if we get a chance maybe somebody would pick it up. I don't think it would be fair to lay that on the door of the asset management agency because there was very strong criteria laid down as to the amount of deleveraging that NAMA would have to do as a result of the programme that Mr. Lenihan agreed with the troika. But can I ask you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: -----and burn the bondholders?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Do you believe that Jean-Claude Trichet phoned him and told him that he could burn the bondholders?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Well, from ... you've had numerous conversations with Brian Lenihan. You've recounted some of them to the committee here today.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Pearse Doherty: Is this conversation that Jean-Claude Trichet phoned Brian Lenihan and told him he could burn the bondholders and then rescinded that, said that he ... when he looked at it, because it was, I think, French and Germans that were going to get burnt that he could no longer do it. Would that be something that you believe that Brian Lenihan would keep from you, as his adviser?