Results 6,301-6,320 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: No, no, but the whole situation. That's what I'm ... just the last theme, Mr. Daly and Mr. McDonagh, because time is ... now, both of you will say and you indicated that NAMA has been essentially a very socially progressive influence in relation to how it has operated and the outcome. Can I just put a quote to you, which is from the chief executive of Blackstone, which is a major fund that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: Yes. I'll be very brief. The dynamic, says Mr. McWilliams :The dynamic of foreign funds buying up Irish property at deep, deep discounts, only to sell the same assets on in a few years at a significant profit, is the Hibernian piece in a global jigsaw which is seeing the very rich get even richer. To misquote Doctor Spock, "It's capitalism, Jim, but not as we know it." He goes on to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: -----that are caught up in this situation? Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: In July of 2009, when the Government was setting up-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: It's not coming from here either.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: It's probably a vulture fund listening in. In 2009 when NAMA legislation was being presented, the then Minister for Finance, Brian Lenihan, said in a statement "There is nothing in the proposed Bill that would provide a bailout for borrowers whether builders, developers or otherwise. Anyone who owes money before NAMA continues to owe it and is expected to repay the full amount of the debt"....

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: Could you tell us numbers, roughly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: Five out of 772?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: In November 2010 a research report on NAMA commissioned by the Construction Industry Federation made a case for what it called debt restructuring, and the main case really was economic inefficiency of no loan restructuring. It states that:the pursuit of 100% repayment acts counter to NAMA's aims and is economically inefficient. It is vital to recognise that writing off debts - acknowledging...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: Mr. McDonagh can you relate what's already on the public record just very quickly? The debts that you took over that Mr. Michael O'Flynn, developer, was responsible for, and then they were sold to Blackstone.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: This is in the public domain Chairman-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: What's in the public domain gentlemen is that you took over a substantial debt that developers are responsible for, or let me put it generically so to see if we can get some satisfaction here ... That you took over debts that developers are responsible for, that they were sold off to major hedge funds, etc., at a cut, a reduced, quite a reduced rate. Where then stands Mr. Lenihan's and the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: It is easily known that he will do deals with them and won't pay a fraction of that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: Yes but what the Government said is not realisable then in regard to what is going on.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: Is the reality, Mr. McDonagh, that the vast majority of the 772 will never pay back the full amount-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: That is the reality, okay. Mr. McDonagh you made a comment in another document you may recognise perhaps that these loses that developers made, if I get it right, that in the future they might be able to use those for tax concessions down the line, are you familiar with that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: So the losses they made they'll be able to get tax breaks in the future if they continue, say as developers against those losses?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: Equally when they go out of your ambit they're still -----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Joe Higgins: It is the case I believe that you continue to pay salaries to some of these developers ... and because my time is up can I finish by asking you, considering all this - the huge write downs, future tax breaks, very significant salaries I understand for some of these developers that are on your books. Would the hard-pressed taxpayer out there and the victims of the austerity that resulted from...