Results 7,681-7,700 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: Okay, thank you, Mr. Walsh.

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

Joe Higgins: First, if I can allude again to the meeting on 7 September 2008, and Mr. Boucher, in one of his statements to this investigation, stated the purpose of the meeting was to discuss potential liquidity support for Irish Nationwide. Now, leaving the Reuters issue aside, Mr. Purcell, why was there such concern in many quarters about the viability of INBS or the need for liquidity support because...

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

Joe Higgins: But were there concerns before that, Mr. Purcell? Because, for example, the Department of Finance had secretly or quietly put on the stocks legislation for the nationalisation of an institution like yours.

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

Joe Higgins: Can I go over again the question of whether INBS was solvent in September 2008? And if I could refer to the Goldman Sachs report that was done into INBS. This is in documentation that has been many times in front of the committee but we have it up in front of us there, Mr. Purcell. And if you see that line of the total loan book, €11.7 billion, and then their mark-to-market analysis...

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

Joe Higgins: Were you concerned ... were you worried at that time that INBS was insolvent, or not?

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

Joe Higgins: Okay. Thank you, Mr. Purcell.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: Mr. Fitzgerald, in page 3 of your written opening statement, you say:[T]he size of deposits taken from individual customers however grew significantly from 2005 onwards [where] some 'institutional' clients had over €1 billion placed on overnight deposit with the Bank. This concentration level meant the deposits in the Bank became increasingly more volatile and, while every effort was...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: Yes, but essentially you could sum it up by saying you became quite dependent on large corporate-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: -----deposits, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: And who did you discuss it with?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: Yes, and would the top management have been ... above your level, have been aware of this?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: Were any plans, at any stage say from 2005 on, put in place to mitigate the impact?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: Okay, that was to try and spread the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: Right, I'll just move on because of time, Mr. Fitzgerald. On page 10 and 11 of your statement, you say:Merrill Lynch, BNP and Barclays Capital Markets were separately retained in 2007 to conduct a detailed due diligence of the Bank's balance sheet. The resulting findings highlighted, among other matters, the Banks high concentration to property and development lending, the thin nature of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: Each had a written report to the bank.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: And where did these reports go? Who ... were they discussed?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: You don't know if they were presented to the board.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Joe Higgins: You would expect that they would, would you?