Results 23,981-24,000 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Okay. And do you know if this was an arrangement with other external organisations outside the OECD?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: And are you satisfied by the independence of the research carried out by these organisations?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Okay. Mr. Cowen, on page 12, and maybe we can pull it up, of your opening statement, you list eight key factors that you believe were relevant regarding the mistakes made in the lead-up to the banking crisis, and one of those, the second point in that, is that you believed that banks became too dependent on wholesale funding. Do you believe that your policies contributed to the banks...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Did you facilitate that, did you facilitate the fact that they were more dependent? And can I ask you in particular-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: You didn't, okay. But is it not the case, Mr. Cowen, that as a result of substantial lobbying by Irish banks, you brought in legislation which facilitated this over-dependence on wholesale funding? And what I'm referring to here, Mr. Cowen, is the 2007 amendment to the Asset Covered Securities Act which was lobbied by institutions such as Bank of Ireland, Depfa, Anglo Irish Bank, and which...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: No it's to do with the legislation, we're trying to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: No - well, no, sorry-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: The point I'm making is that they lobbied heavily for this because they wanted access to a wholesale market and using different products-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Can I just finish on this here, that's the point I'm making. When you say that one of the eight mistakes that were made was that banks became dependent on wholesale funding, how could it, is not, is the Asset Covered Securities Act not an instrument that allows them to depend further on wholesale funding by wrapping up mortgages and having them sold on the market?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Can I ask the original question that I asked again, given the conversation we're just after having and given the fact that you introduced this legislation that allowed the banks to access wholesale funding through this measure in 2007, do you believe that your policy and your legislation you introduced in 2007, increased the ... allowed the banks to increase their dependency on wholesale...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Well, okay, if it's neither here nor there-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Okay, because the reason I'm asking ... saying it, is it's one of the eight points that you've raised as the mistakes. But I need to move on because of the time constraints. And now we'll go to Vol. 3, page 28, and this is in relation to property tax incentives, and in ... it'll come up on the screen, Vol. 3, page 28. What we see in this here, it's a review of the exemptions, and we have...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: Okay. So, if you did nothing - and you claim to have abolished these property tax reliefs - if you did nothing, do you accept that these schemes would have gone anyway?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: I understand that. But I just want ... because you're making the point that one of your main four elements was that you abolished the tax reliefs but you're acknowledging that these were going to abolish themselves in July 2006.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: And do you accept that you extended these schemes from the end of July 2006 to end of December 2006? And I'll quote just from the Finance Bill 2006, list of items, it says: "Full relief will be allowed for qualifying expenditure up to end of December 2006, as compared with the end of July 2006 deadline that currently applies for several of these schemes." Do you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: And do you accept that for these same schemes that were going to abolish themselves in July 2006, that you extended them to ... some of them to end July 2008 with additional conditions, if additional conditions were to be made?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: I'm not questioning your reason-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: I'm not questioning your reason. I'm asking you do you accept the fact that you allowed transitional arrangements of these schemes-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: -----which weren't in place up to the end of July? Okay, so I just wanted to clarify that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Pearse Doherty: So that's one of the four main points that you believe the Government took to try and dampen the property price rise that was happening at the time. The second one was in relation to the 150% capital on investment products. Did you have any input or your Government have any input into the-----