Results 6,601-6,620 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Joe Higgins: But those three are modern, capitalist economies -----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Joe Higgins: ----- where in the 80s and 90s very, very significant bank crises, property bubbles, followed by bank crashes and disaster for the economy happened. Why did your organisation not, and other organisations, indeed, not learn from those and understand it was eminently repeatable when the same circumstances were being created in Ireland?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Joe Higgins: But if I could put it to you, Mr. O'Rourke, just to challenge what those institutions may have thought, the objective evidence from the likes of Finland, from the likes of Sweden was that these factors that were now happening with a vengeance in Ireland in the 2000s inevitably lead to a crash. Why wasn't a red flag flown high?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Joe Higgins: David McWilliams, in evidence here said: "I think the Irish property crash and the banking crash were both incredibly predictable and absolutely preventable." I haven't time to give a quote in detail, but he referred to what he himself said in October 2003, which was early enough in the process. He is referring to property but particularly to housing. "The Irish housing market is a scam...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Joe Higgins: Yes. Alan Ahearne, in evidence told us of a study in 2005 - that he published - about 44 booms and busts internationally in many countries where you operate I've no doubt. So a view could be put that really it should have been seen and it should have been stopped in advance. And just ... my very last question, Chairman, is this. In relation to Allied Irish Banks in particular, you made...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Joe Higgins: Was it difficult to get that information?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Joe Higgins: In general, was good governance in any way in Allied Irish Banks affected by the management and board structures?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Joe Higgins: Well, no, I'm just asking you to comment on the question I put, whether the management and board structures, if they - or not - impeded the provision of good governance within the bank.

Ceisteanna - Questions (Resumed): Job Creation Data (19 May 2015)

Joe Higgins: 5. To ask the Taoiseach if he will report on job creation in 2014; and if he will make a statement on the matter. [5470/15]

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: Yes ... Mr. McDonnell, you've said that the audit process goes on over the year and you said about 200 employees would be involved in the Bank of Ireland audit, but just very, very briefly, for people out there and ourselves, could you just physically tell us how is the audit done? Like, does a small army of 200 leave Spencer Dock, march to the headquarters, or do they fan out around the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: Yes, but how do they do that? Do they go into all the branches or to the headquarters, or-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: And Bank of Ireland will have compiled what happens in a range of branches-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: And then they have access, what, to computers, to information networks or to paper, or-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: Okay. Now Bank of Ireland was organised along divisional lines and different divisions had separate management information systems. And there was issues arising with difficult-to-manage credit and risk groupwide ... in the Oliver Wyman report, 20 May 2015, it says, summarises, that in relation to information available to the board on the credit risk, and I quote "Incomplete heterogeneous'-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: Page 10, yes - "incomplete, heterogeneous and difficult to collate". Now, were you satisfied that you had full access to the, and accurate information to discern the full financial position of Bank of Ireland, considering these issues?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: And when it comes to risk, what is the legal role of the auditor? For example, as you know there have been issues with concentration in property and construction, and then there has been the concentration around a small number of developers in the case of some banks. Do you have a role in advising on the wisdom of lending, let's say, tens of millions to buy a field just for speculative...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: So if PwC representatives came across in a situation where they saw a €50 million loan for a few fields west of Mullingar, and €40 million for a few more fields in west Cork, which is on the basis of value to be realised, on the basis of speculation that the property that will be built on those will go up, etc., etc., the auditor might think, "This really is unwise". Would the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: So you do have a role in examining the security that would be put up to guarantee those loans, is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: Yes, then, I notice Mr. McDonnell, in your PwC half-year review, which is in the documents, page 19, there is grave concern expressed here in relation to that very point, the valuation of loans, of financial instruments. For example, in the middle of page 19, your people say, "In cases where prices are obtained in the market, but these prices are not based on actual trades, consideration...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Joe Higgins: But, in general, did you ever perform a review on the valuations received for assets offered as security?