Results 6,401-6,420 of 7,975 for speaker:Joe Higgins
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: No, I'm just going to ask you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: -----a few questions. It doubled within Bank of Ireland over 15 months, from 2003 to September 2004.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Residential investment property lending.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Okay?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: And that's for lending to people who want to become landlords?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Buy-to-lets etc., right?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Now, at a group risk policy committee on 22 November 2004, reference is made in that to the last discussion on residential investment lending ,which took place in April 2003, four concerns were outlined.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: The reference is BOI - Vol. 1, B2, page 63 to 67.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Sixty-three to 67.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Okay. There were four key concerns I'm just extracting. Significant increase in rental property supply; falling rental yields due to increased capital values; residential investment property lendings are not self-financing except at low loan-to-value ratios; and then the book is mostly new because it expanded so fast. So, they are serious concerns that were outlined in April 2003.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Should the bank have seen warning signs and not continue to grow at such a fast level this sector?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: For amateurs?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Yes, but, Mr. Goggin, you allowed 40% of amateur investors in that time interest-only loans. Was there not a serious risk in relation to that, by allowing a roll-up of the interest?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Yes, but even so?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Yes, would you ... would you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Mr. Goggin-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Yes. Are you aware of the evidence that Professor Bill Black, the US regulator, former financial prosecutor, gave to this committee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Joe Higgins: Of Mr. Black, yes?