Results 6,441-6,460 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Mr. Boucher, at a group risk policy committee in January 2007, the minute states that within retail six senior business manager portfolios and 21 business manager portfolios were rated unsatisfactory - a doubling since March 2005, and the report emphasises a need for a structured credit training programme. Can you explain that, please?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Okay. So these senior business managers and business managers, their unsatisfactory rating, did that relate to property loans?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Considering that property lending was beginning to take, or continuing to take such a high profile, should that not have been done at that meeting, to have a profile on exactly where the credit problems were with these people?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: So-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Was the board made aware of this level of unsatisfactory reports regarding credit control?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: The minute also states, Mr. Boucher, "A review of the Legal Services Unit identified a backlog of files, some with serious issues, which could expose the Bank to significant risks." Can you explain that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Which volumes? Property loans?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Okay. Yes, but the NAMA chairman in his evidence to this committee spoke about... I quote him: The model did not appear to require a stringent approach by borrowers to analysing project feasibility. The safety zone of borrower equity usually existed only on paper. The result is that the borrower was typically not the first to lose. Do you recognise the Bank of Ireland in here?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Components, yes. Can I move on rapidly, Mr. Boucher, perhaps? In relation to state aid, you've spoken that ... you said here today that NAMA would make a profit from loans to the Bank of Ireland. Do you mean that the €5.6 billion that was paid by NAMA, that they will get more back than that, is that what you mean?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: But are you aware that NAMA, in testimony, said to this committee that it overpaid the banks by €10 billion, €32 billion in total, to all the concerned banks, rather than €22 billion if they had been left exposed in the capitalist marketplace?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Well they gave quite a rationale in-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Mr. Boucher, you say as well that you repaid the recapitalisation. That's been repaid to the State.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Yes. Would you accept, or not, Mr. Boucher, that that repayment is far ... far from makes up the collateral damage to the economy, in general, that was caused by the bubble, and the role of the banks in creating a crash in the crisis, for example, damage to public services, to Exchequer funding, austerity on citizens, that there was a much wider collateral damage caused by what happened in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Yes. In relation to that, Mr. Boucher, then can I ask you, going into the future, where in the annual report 2014 Bank of Ireland you refer to €1.2 billion deferred tax asset and that you hoped that that would be recognised in full, does that mean that you can against the profits into the next several years, you can write off your losses by not paying corporation tax to the State?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Yes, so how much profit would you make then to ... before you have to start paying?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: I know, but in relation to tax and profits, Mr. Boucher, would it be true to say that, roughly, the next €9 billion in profits ... you won't have to pay any tax because of the deferred tax asset of €1.2 billion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Yes. Do you think ... would you understand if the taxpayers found it extremely galling that after a bank had been bailed out it has now a further €1.2 billion write-off of corporation tax that might help to make up some of the damage that many people felt was done by the collapse?

Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)

Joe Higgins: Okay. Last question so, Mr. ... or, Chairperson, is this. Mr. Boucher, in ... sorry, in 2007 you wrote a letter to Dublin City Council in relation to the Jury's Berkeley Court site ... it was being attempted to be developed by Mr. Dunne, and you said, I quote, "Dear Sir, I refer to the above and write to confirm my strong support for this landmark proposal which I believe will significantly...