Results 7,161-7,180 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: So, would this have been seen as a very high level within the IMF? Were you aware of this at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Yes, and what authority did they carry within the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: How did your Department react to this suggestion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Yes, October-November.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Yes. And can you throw any light then on further on what Mr. Cardiff said in testimony here, Ms Nolan, when he's speaking about pressures from certain quarters that no bondholders would be burned and he said that there was a real damage being done essentially by people operating behind the scenes:[H]idden 'sources' were using leaks of inaccurate information to bounce Ireland into a bailout...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: No.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Okay, thank you. Now, just then on ... in relation to the veto on burning bondholders, can I ask you, Ms Nolan, it's core document Ann Nolan, Vol. 2 and it's page 19. This is a letter from Mr. John Corrigan, the chief executive of the National Treasury Management Agency, to Brian Lenihan, TD, Minister for Finance, dated 28 November 2010. And in the second paragraph, Mr. Corrigan writes:I...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Yes, but could this potentially have changed something if the NTMA had been aware that they may have taken a different approach and convinced the Minster of a different course of action?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Ms. Nolan, you deal in your statement with the recapitalisation of the banks and the dealing between the banks and the Department. Now, at one stage Bank of Ireland told you that it needed €2 billion. It finished up getting multiples of that. Allied Irish Bank said it didn't need as much support as both Anglo and Bank of Ireland and it finished up getting €21 billion. Were...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: But, on the other hand, Ms. Nolan, from evidence we have here in front of the inquiry, we have shown and put it to witnesses that, on the night of the guarantee, particularly in the case of Irish Nationwide, it was insolvent in view of the figures that both Merrill Lynch and Goldman Sachs had presented.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Well, as a senior official and looking back at the evidence now, do you think that a different view should have been taken of INBS clearly from the figures we had, but also Anglo in relation to their state of solvency on the night of the guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Right. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Ms Nolan, on page 4 of your opening statement, you say:: "The State received shareholdings in the banks in return for its capital and for the continuing banks this investment can be recovered over time by selling the shareholdings." And you go on to say that the long-term losses essentially arise from INBS and Anglo. Can I query and interrogate that somewhat with you for a minute or two?...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: No, it's .... I don't think so. Well, let's not query about-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: But it's a hope rather than-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: And what about the extra €2.8 billion that, according to NAMA-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Well, NAMA suggested that they overpaid the banks by €10 billion-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: -----by contrast with what the market would pay at the time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: So what timescale are you working on in relation to Allied Irish Banks? And you're suggesting that it would be re-privatised to make back the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Yes. And, Ms Nolan, in view of the disaster that befell our people as a result of the banking crisis related to the drive for profit maximisation and competition-----