Results 7,181-7,200 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: -----what would your view be of, instead of giving it back to private interests again seeking profit maximisation, of maintaining a publicly owned banking services devoted to social good, social investment, rather than private profit maximisation?

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

Joe Higgins: Thank you.

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

Joe Higgins: Mr. McCreevy, we've had evidence to the tribunal or the inquiry here and statistics to show that between 1996 and 2006, the price of a home each year increased for ten years in succession by the equivalent of the average industrial wage. That's the equivalent of the average industrial wage in an increase every year. Eight out of those ten years, Mr. McCreevy, you were Minister for Finance....

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

Joe Higgins: Were you aware of the huge pressure that this put on the young generation of first-time buyers faced with those demands from developers and builders and having to go to mortgages of 35 and 40 years at very onerous rates? Were you aware of this?

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

Joe Higgins: But, Mr. McCreevy, is it the case that a huge part of that massive increase was due to the speculation and profiteering in the building land on which the houses were built? And for example, an 11-acre site in Stillorgan was bought in 2000 by a group of very wealthy individuals, sat on for four years and sold for €85 million in 2004. A €53 million speculative gain on which...

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

Joe Higgins: Well, it may have been due to the fact that the banks were shovelling out billions to speculators-----

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

Joe Higgins: -----but let's move forward a little bit, Mr. McCreevy, because property developers, many of whom were among the biggest loans that were transferred to NAMA at an enormous cost to society ... and I am asking this under the relationship between Government, Oireachtas, banking and property sectors, many of those biggest property developers that went to NAMA funded your party, Fianna Fáil,...

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

Joe Higgins: -----the property levels-----

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

Joe Higgins: -----that were happening?

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

Joe Higgins: Mr. McCreevy, even after the Ansbacher and the DIRT controversies, penalties for banks and their senior management were minor and difficult to enforce. Do you ever remember discussing this with the Central Bank Governor or measures that might be taken to increase penalties to stop-----

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

Joe Higgins: And, Mr. McCreevy-----

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

Joe Higgins: Second last question on a different theme.

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

Joe Higgins: Right, okay, I'll do that. First then, that ... contributors to the Wright report, which you're familiar with, indicate that there was a lack of leadership and direction in the Department of Finance during 2000-2010. Do you agree with the comments that were made in the Wright report, and what was done, or what should have been done, in your view, looking back in relation to that? And the...

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

Joe Higgins: Okay. Just one last thing then, Mr. McCreevy, is this. You regard yourself, I think it's true to say, as a champion of the swashbuckling capitalist markets.

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

Joe Higgins: Okay, well a champion-----

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

Joe Higgins: Yes, you would portray yourself definitely as a champion of the free capitalist markets, right?

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

Joe Higgins: Now, Mr. McCreevy, in view of what happened in Ireland, with those markets delivering this massive bubble and horrific crash, with all the awful austerity and suffering for ordinary people and, internationally, the toxic debts that also inflicted devastation on communities around the world, do you still believe in those markets and the way they operate?

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

Joe Higgins: Corporation tax.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: Mr. Cowen, one of the statutory objectives of the Financial Regulator according to the 2003 Act was the, "Promotion of the financial service industry in Ireland." To what extent did the Government encourage the Central Bank to pursue this objective? For example, are you aware of discussions between Government representatives or, indeed, yourself and the Central Bank or the regulator in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: Okay, no, you've answered the question so far, but let me just-----