Results 7,641-7,660 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: The question is, Mr. Fingleton-----

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

Joe Higgins: -----to sum it up briefly, that certain-----

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

Joe Higgins: Many observers, including Nyberg, said that the methods of banks, and including the INBS, resembled more venture ... hedge funds, essentially-----

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

Joe Higgins: -----rather than a building society.

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

Joe Higgins: And the second part of the question was the close relationships, and yourself being very central to that with people you were giving huge amounts of money to, would it be fair to say that it was crony capitalism as well as venture capitalism?

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

Joe Higgins: Mr. Fingleton, isn't it true that you had seen in your long career as well many property busts in many different countries and bank bursts as well? Surely, would you not have been aware of the inherent risk in that type of speculative lending on property?

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

Joe Higgins: Okay.

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

Joe Higgins: Mr. Fingleton, in thejournal.ie, 12 February 2013, there is a quote. Con Power, who sat on the INBS board between 2000 and 2006, noted how there were just six people, including himself, on the board and meetings would normally begin with the chairman asking Fingleton: "Well, Michael, what have you got for us today?", with no agenda and no documents before the board members. That would give...

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

Joe Higgins: Okay.

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

Joe Higgins: Finally, Mr. Fingleton, for time-----

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

Joe Higgins: Right. Finally, Chairman. Mr. Fingleton, if demutualisation had happened in the course of up to 2005 or 2006, what would it have meant to the management of INBS in terms of financial gain?

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

Joe Higgins: Would it not have been much more than that, Mr. Fingleton? Would it not have been tied to the extent of the assets, the loans, the profits?

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

Joe Higgins: So do you say then ... do you deny the suggestion that is made in a number of sources-----

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

Joe Higgins: -----that the drive for-----

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

Joe Higgins: Let me just state-----

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

Joe Higgins: -----state what's said. That ... Nyberg makes it, among others.

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

Joe Higgins: Okay, I'm about to put it to you.

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

Joe Higgins: That the drive for demutualisation was linked to the very high levels of lending, the drive for profits, etc. ... that that's the point that's made.

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

Joe Higgins: Thank you.

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

Joe Higgins: Mr. Walsh, if we could get on the evidence book - it will come up in front of you there - some of the growth indicators for Irish Nationwide between 1998 up to 2007. It is in front of you now. Over the period 2002 to 2007 in particular, profit before tax increased by 303%, and total assets by 190%. Even the four diagrams there will show what some people might think would be an astonishing...