Results 6,961-6,980 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Yes and down at the bottom of that page, "Conclusions". Yes, if you see "Conclusions"?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: The IAVI, ''Believes that the market for housing and housing lands is heading towards equilibrium and will, if not have interfered with, find that level of equilibrium in the next 24 to 36 months and is best left alone to achieve that.'' And finally, the next page, please and the last paragraph there, Mr. Considine, ''The IAVI is totally opposed to any system in which individual landowners...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Yes, "It is the view of the IAVI that any subsidy of housing costs should be borne by the tax payers at large rather than penalising individual landowners." Very, very strong lobbying, would you agree or not, on behalf of the property industry? Was this common and what impact did this have on Government policy?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Yes, but would the record show or not, Mr. Considine, that, in fact, this carried huge weight with the Government in the huge, by common consent, very large concessions that were given in tax breaks for developers and so forth?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Over a long time, was it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Okay, so, just to conclude then, that last paragraph again, "The Irish Auctioneers and Valuers Institute is totally opposed to any system which individual landowners are deprived of the open market value of the land in the interests of favouring other more disadvantaged members of the community." We know, by common consent, there was massive speculation in building land, which hugely drove...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: But is it-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: But is it manifestly clear or not, Mr. Considine, that, for example, the young people buying their first home between ... who saw between '96 and 2006 the price of home increase by the equivalent of the average industrial wage each year, much of that driven by the land price ... Is it clear or not clear who won out in that circumstance by the policy that was actually implemented?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Mr. Considine, just briefly, following on the questions in relation to house prices that Deputy Doherty was on, did you ever discuss with any of the Ministers for Finance the massive increase in house prices that was happening between 1996 and 2006?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Well, the fact that the price of a home for an ordinary working person was going up with the equivalent of the average industrial wage each year for ten years, was that not a cause of a massive discussion with the Minister?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Okay, but, Mr. Considine, how does that justify ripping off young people and extending their mortgages to 35 and 40 years? I mean, the industry ripping them off in terms of ... of the equivalent of the average industrial wage each year-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: It started at three minutes rather than five-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Sorry, Mr. Considine.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: I know, but why was it not the cause of a massive debate inside in the Department with the Minister and action taken to stop it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Was it perhaps a reality, or not, Mr. Considine, that the interests of big property developers and big builders took precedence with the political leadership of the country over the interest of home buyers?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: But that was the reality, that massive profits were made on the backs of young people buying a home. Is that not the case, or is it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Okay. Mr. Considine, in March 2006 the Revenue Commissioners wanted to impose stamp duty on contracts for difference and there was strong lobbying by stockbrokers and interested parties against that. In a book, The Fitzpatrick Tapes,by Tom Lyons and Brian Carey, it was said that on 22 March you were emailed by Davy Stockbrokers significant ... heavily lobbying against this, that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: So was it the case that powerful interest, stockbrokers-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: -----stockbrokers, developers seemed to win out over the interest of the small people, let's put it like that? And then finally, since I have to conclude, Mr. Considine-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Joe Higgins: Yes, I know. I'm putting my last question and the last one was a question as well. But, Mr. Considine, after this very heavy lobbying by Davy Stockbrokers and others, you resigned a few months later and then, within six months, you were employed by Davy Stockbrokers. Would you not see a problem of ... with that?