Results 7,781-7,800 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: Mr. Gray, you also said on page 9, "Regulatory systems did not cause the crisis, but did not prevent the practices which led to the crisis." Most fundamentally, what caused the crisis, in your view?

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

Joe Higgins: Yes.

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

Joe Higgins: Okay.

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

Joe Higgins: Yes.

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

Joe Higgins: Okay, and on that point - and this is my last point because I'm out of time, Mr. Gray - more fundamentally still, is it appropriate that in a democratic society private financial institutions, which hold enormous power over society, are able to profiteer and speculate at will, and blow up such a massive bubble that then creates, when it crashes, such havoc? Would you not say that that's a...

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

Joe Higgins: But isn't that fundamental to how the capitalist financial markets operate?

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

Joe Higgins: Mr. Browne, in that regard, is it the case that you gave extraordinary support to a handful of clients because from 2004 to 2005 customer lending went up by €10 billion in 2006, it went up €16 billion and in 2007, €17 billion? Now if that was in a period of restraint, how do you explain figures like this?

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

Joe Higgins: The group.

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

Joe Higgins: Do you accept that they are enormous figures?

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

Joe Higgins: And, Mr. Browne, can I ask you ... you were director of lending Ireland, 2004-2007-----

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

Joe Higgins: 2005-2007. You were ... risk and compliance committee 2005-2007. Are you saying that you gave full financial information to the board on the lending situation and, indeed, other aspects that you were responsible for during your time with this responsibility? And did any board colleagues ever express concerns to you or to other directors about the quality of information provided to the board?

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

Joe Higgins: Right, you say in your opening statement, written, Mr. Browne, "in relation to exception management where a loan was being put forward that was outside of credit policy, this was clearly highlighted in credit papers for discussion at the credit committee meeting as to why the credit should be approved if an exception to credit policy and your decision to be made in relation to same at the...

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

Joe Higgins: Mr. Browne, 92% of the book that was transferred to NAMA was by way of exception to credit policy but how do you explain ...

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

Joe Higgins: You are saying a retrospective ... retrospectively applied.

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

Joe Higgins: Okay, I think we may want to get clarification on that from liquidators and NAMA but in any case, Mr. Browne, the fact that there was such a huge transfer of your loan book to NAMA at such a huge discount, does that imply that there was huge pressure on your employees to expand and expand lending way beyond safe limits?

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

Joe Higgins: Okay.

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

Joe Higgins: Mr. Browne, you said you had read the Anglo Republicbook by Simon Carswell. He portrays a different picture based on interviews with former employees and you've probably seen it where he says ... I have not time to quote it all, but I will just quote, as follows from page 50 ... the credit committee meetings - "It was a cross between a Nuremberg rally and the half-time talk to an American...

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

Joe Higgins: Okay. Can I ask you a final question then, Chairman, because my time, unfortunately, is up. It is this-----

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

Joe Higgins: Mr. Browne, do you ... oh, yes, a second last question then. In the annual report for Anglo Irish Bank 2006 ... you were also involved in the human resources department, is that correct?

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

Joe Higgins: Okay. Can I ask you what was the reason for Anglo Irish Bank's anti-trade union policy, and were you an originator or an enforcer of that?