Results 7,241-7,260 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: Could it have been a factor, Mr. Cowen, that, perhaps, a majority of the Opposition shared with the Government the belief in light-touch regulation, kind of, neo-liberal markets, etc., that didn't lead to a more intense scrutiny?

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

Joe Higgins: Just on another issue, by the year 2000, the Government had requested reports from Mr. Peter Bacon, I think it was maybe three at that stage, to address rising property prices. Now in 2004, '05 and '06 when the prices of houses again accelerated, why was no such report commissioned or, you know, commensurate action taken by yourself at that time?

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

Joe Higgins: Mr. Cowen, by 2006, one third of the value of trades on the Irish Stock Exchange were accounted for by contracts for difference. Now, as you would know, a contract for difference is a form of derivative instrument that allows an investor to bet on the likely performance of a particular stock without owning the stock, or a majority of the stock even, and it could allow investors to hide their...

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

Joe Higgins: And, looking back now, Mr. Cowen, and you might remember I quoted Mr. Buffett earlier where he described a derivative as a time bomb, both for the parties that deal in them and the economic system. Had such a tax gone on, it might have discouraged Mr. Quinn from the extent of dealings in contracts for difference in Anglo and, thereby, reduced at least some of the damage that was consequently...

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

Joe Higgins: Thank you Mr. Cowen. In response to Deputy Phelan earlier, in regard to party funding, Mr. Cowen, you indicated that in your view there was no issue as members of the Government were not included. But can I ask you if in ... well, in 2006, the record shows that a golf classic raised €18,000 for yourself, from 18 donors, 12 of whom were very prominent in the property construction and...

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

Joe Higgins: This-----

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

Joe Higgins: Mr. Cowen, in a book called the Ship of Foolsby Fintan O'Toole, it's said that €65,000 was raised for political funding for yourself by 13 businessmen around a meeting in the Shelbourne Hotel in March 2008. Can you explain ... is that ... did that happen, and can you explain what that was about?

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

Joe Higgins: Okay. We'll come back-----

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

Joe Higgins: Yes. Mr. Cowen, last question: in evidence to this inquiry, Mr. David McWilliams relayed a contribution to "Prime Time", RTE TV, that he made in October 2003, and a brief quote on what he said in October 2003 is as follows: The Irish housing market is a scam. It is an enormous financial swindle that could potentially confine an entire generation of young Irish workers to years of bad...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Go raibh maith agat. Mr. Cowen, in your opening statement, at page 1, you write, "Ireland participated in the newly created Financial Crisis Cell which was not established at E[uropean] U[nion] level until October 2008." Could you tell us what this is about? It's not an organisation that would be known widely, if at all, by ordinary people. Who were the members of this financial crisis...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: And who attended the meetings, Mr. Cowen? Was it political leaders or was it technical people?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Do you know which of our ... the Irish agencies would have been involved with it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Mr. Cowen, leading up again to the month of the guarantee and so forth, you conferred ... and took advice from Mr. Alan Gray. Were you aware that Mr. Gray ... that a very close business associate of his in his main organisation was also a member of the board of Quinn Insurance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: No. So you didn't get any-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Yes. You didn't get any special insight into the issues relating to Mr. Quinn, the contract for difference for ... CFOs or that as a result of that connection?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Right. Mr. Cowen, you said in relation to the ... you wanted advice on the economy in July of 2008 and you asked Mr. Drury to assemble a number of people in that regard, and that happened in the Druids Glen. Can you tell us, or share with us, any insights that you received at that meeting with regard to the situation in the Irish economy and the challenges that were facing the economy, and...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Yes. And at that very time, Mr. Cowen, the issues of toxic debt internationally and, for example, the sub-prime crisis, the Freddie Mac, the Fannie Mae, those issues would have been quite prominent, which related to the financial situation internationally and the banking situation internationally, could it be possible really to have such a discussion on the economy without a major reference...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: In retrospect now, Mr. Cowen, Mr. Drury assembled for you a panel, a majority of which were associated with Anglo Irish Bank, whose share price had collapsed disastrously a few months before, whose model was built on extensive property speculation, that was on the verge of nationalisation, that eventually cost the taxpayer €35 billion. On reflection, do you wish that you had been...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: And, Mr. Cowen, on the night of the guarantee itself the bankers - in evidence here - said that the meeting ... if you could just clarify, by the way ... in your statement it would seem that this was a meeting that had been organised anyway. But Mr. Gleeson of Anglo Irish Bank said it was a meeting that was specifically requested?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Allied Irish Bank. Mr. Gleeson said it was a meeting specifically requested by the ... themselves along with-----