Results 6,981-7,000 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: Mr. Doyle, could you tell us, just very briefly, relating to PricewaterhouseCoopers loan book analysis of Anglo Irish Bank and Irish Nationwide Building Society around the guarantee time?

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

Joe Higgins: PricewaterhouseCooper. No, it's-----

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

Joe Higgins: Well, there is reference to it, yes, in the Department of Finance, Vol. 2, page 113, but I would ... I think this is well known. I'm not asking you for a specific-----

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

Joe Higgins: -----thing.

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

Joe Higgins: Yes, but in relation to that looking Mr. Doyle, were you made aware that this look was really depending on the banks' own management information?

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

Joe Higgins: But did it or did it not emerge later really, in view of the huge amount that was spent on the guarantee, that there should have been a much more thorough and forensic examination? Rather than relying on ... and can I refer to one document ... that's from William Beausang, it's not in the book but it's cleared for display ... from William Beausang, e-mail, and yourself is copied into that...

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

Joe Higgins: Okay. Would it be true to say, Mr. Doyle, that in the case of Irish Nationwide, more was known. and that really by the guarantee night, it should have been clear from the evidence that it was not solvent? Can I refer to core document Vol. 2, page 6? And this relates Mr. Doyle to the-----

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

Joe Higgins: It's Vol. 2 of the ... your document.

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

Joe Higgins: DDO, Vol. 2, David Doyle.

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

Joe Higgins: Vol. 2, 9 June 2015, page 6.

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

Joe Higgins: One for the Department of Finance-----

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

Joe Higgins: The one with dates on them.

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

Joe Higgins: 9 June, but it'll come up on the screen anyway.

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

Joe Higgins: This relates, Mr. Doyle, to a meeting organised by the Regulator with the main banks and Irish Nationwide, etc., and in page 6, at the bottom half of the page, meeting 5. I'll just take a sentence from that ... two sentences from that paragraph. It says, "The banks [this is a minute of the meeting] ... The banks reiterated that it was not a realistic proposition for either institution...

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

Joe Higgins: Yes.

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

Joe Higgins: The nub of my question, Mr. Doyle, essentially, because of time, is this, with all that evidence, a person might say ... an ordinary person might say that it was blindingly obvious that main players were saying "INBS is finished. It's a bust bank." And my question to you then is this, on the night of the guarantee, was there a discussion on the seriousness of INBS's alleged hole, according...

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

Joe Higgins: But that's not the question I've asked-----

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

Joe Higgins: Was there a major discussion on how serious the situation was and that this was in fact insolvent?

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

Joe Higgins: Yes.

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

Joe Higgins: Yes. And in Vol. 1 and Vol. 2, I don't have time to quote it, Mr. Doyle, but you can take my word that it's here, both Merrill Lynch said that INBS loans were €11.7 billion, and that its assets were €3.6 billion, and Goldman Sachs said it had regulatory capital of €1.834 billion; again, further evidence. Now, in view of these ... all these players were in daily contact...