Results 7,201-7,220 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: -----go forward then, that many people would believe Mr. Cowen - I put this to you for a comment - that there would, indeed, be a conflict between the Central Bank and the regulator being charged with regulating and controlling financial institutions, banks, etc., from excessive profit-taking or whatever on the one hand, and then, on the other hand, trying to make the situation attractive to...

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

Joe Higgins: And on that very point Mr. Cowen, there was evidence here that the presence of the financial services centre was, indeed, a pressure, acceded to by Government and the regulator to lessen the robustness of regulation on the Irish banks and can I quote you from your own book of evidence, Vol 1, page 11? It's fairly straightforward. This is Mr. Con Horan who was prudential director of the...

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

Joe Higgins: Now: Given the international trends, a principles-based approach [which has been referred to here as light-touch regulation, that's my comment] to supervision was also seen as important in developing Ireland as an international centre for financial services. Further, in accordance with the 'Better Regulation' agenda, the financial services industry in Ireland has been given significant...

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

Joe Higgins: Yes.

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

Joe Higgins: The point that was made by Mr. Cowen is that the light-touch regulation was introduced to the Irish banks to facilitate the IFSC. But I wish to just develop the point a little bit. Your Taoiseach, former Taoiseach, in 2004 Mr. Bertie Ahern, in a foreword to "Regulating Better" from his Department, said the following, and I'll read one or two quotes, and the question I want to put to you...

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

Joe Higgins: Yes ... the point I would put to you after is to ask you if in fact your Government made regulation subservient to competitiveness and competition between banks. Mr. Ahern says: Enhanced competitiveness is a key part of the Government's strategy to achieve social progress, better living standards, and a steadily improving quality of life. I am absolutely committed to ensuring that Ireland...

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

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

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

Joe Higgins: -----it's a proposition for comment ... caused a bubble and caused the crash.

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

Joe Higgins: Let's talk a little bit about regulatory capture, perhaps, because you say on page 11 of your written statement to us, as Minister for Finance, in paragraph 77, "There was a lack of analysis by both Central Bank and Financial Regulator in challenging the over concentration of risk in property." You say, "There was clearly a culture of deference in operation between the Financial Regulator...

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

Joe Higgins: It's a speech the Minister made, it's quite clear, the intent of it. Mr. Cowen, Warren Buffett, a billionaire who would know something about speculation and derivatives, said: I view derivatives as time bombs, both for the parties that deal in them and the economic system. [P]arties to derivatives [also] have enormous incentives to cheat in accounting for them [...] In my view,...

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

Joe Higgins: -----in other words, profiteering. Isn't it clear, or is it, or do you disagree that you were in fact encouraging the worst excesses of the banks?

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

Joe Higgins: Yes ...

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

Joe Higgins: Yes, but Mr. Cowen-----

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

Joe Higgins: Yes, the point to put to you, Mr. Cowen, is that the encouragement of that type of speculation is, in fact, precisely what led to a bubble and then to disaster. But let me put to you how you finished that speech: Of course, not all of these brave new initiatives are successful. It's a hard game, but there's all to play for. Of course, that's easy for me to say because you are players on...

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

Joe Higgins: Is it any wonder this is the question-----

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

Joe Higgins: Is it any wonder-----

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

Joe Higgins: Chairman, I was asking the question-----

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

Joe Higgins: Mr. Cowen, as Minister for Finance, said to the bankers, "I will continue to wear your colours. I am an ardent supporter on the sidelines."

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

Joe Higgins: The question I'm asking Mr. Cowen to say or to ask is: is it any wonder that a culture of deference was then evident in the regulator and in other areas of the State when the Government-----

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

Joe Higgins: -----was speaking in these terms?