Results 7,281-7,300 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: So, we have here 6% retail, then we have office, then the light blue is hotel and mixed use is a considerable portion, and then some residential. Can you just say ... tell us, what is mixed use, just briefly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Okay. Would land earmarked for future development come into ... under that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: What would that be in?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Okay. Mr. Quinlan, on page 5 of your ... your written statement, you gave us a table showing what seems to be exponential growth of the total property assets under management. And if I just take an example there of... for example, in 2003, your total assets is €1.6 billion, which is a 43% increase over 2002; 2004 €3 billion, which is 83% over 2003; 2005 is an increase of 41%;...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: And in general how-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: In general, Mr. Quinlan, you financed this large accumulation from a range of banks, Irish and international, would that be true?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Okay. Now on page 3 of your opening statement, Mr. Quinlan, you say, "Anglo Irish Bank was Quinlan Private's principal financial institution". And Anglo's assets growth, which we've had evidence about in the course of the inquiry, would kind of mirror to some extent, the rate of growth of Quinlan Private. For example, in 2004, you don't ... I will just allude quickly to these figures. In...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Yes, and the evidence is that there was a heavy concentration of property lending as part of that growth. But can I put to you then what Governor Honohan of the Central Bank said in relation to this type of growth: A very simple warning sign used by most regulators to identify a bank exposed to increased risk is rapid balance sheet growth. An annual growth rate of 20% is often taken as a...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: On the other hand, Mr. Quinlan, would the property bubbles and crashes, for example, in the Scandinavian countries in the 80s and 90s, would that not have given you pause for thought?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Would you agree that there are elements here that are universal? Scandinavia just happened to be the ... you know, Professor Morgan Kelly illustrated up to almost 30 property booms over the last 20 or 25 years which bubbled and then burst.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: In page 10 of your written statement, if you can put it up please, yourmodus operandi under that graph, financial gearing is... you say "deliver the benefits of financial leverage providing the investor with geared returns on the non-recourse basis". Can you explain that, please?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: It's page 10 of the written statement that Mr. Quinlan has provided and those arrows there. It's the second last one, financial gearing. It is from "Business and Transaction Overview", April 2006, Quinlan Private.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: And was the use of extreme leverage a factor in the crash?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Okay. Mr. Quinlan, speaking in general terms, the average loan discount of loans transferred by the banks to NAMA went from the 30% suggested initially by the banks to 58%, the write-down.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Did that size of discount surprise you or Quinlan Private at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Well, the face loans ... the face value of the loans before they were transferred and to when NAMA took them over was a haircut of 57%.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: The write-down was-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: -----NAMA told us in evidence-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Well, in any case, it was, would you agree, a substantial haircut?