Results 24,101-24,120 of 35,924 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: And was that first round effects only?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Did you model the entire effects of a soft landing?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Okay. How did you get it so wrong in relation to the soft landing, first of all. And it seems that there would have been more effects even if you were to see a drop in house prices of the nature that was suggested by the ... to the Department or by the Department?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Mr. McNally, there's a parable in the book that you swore your oath on; it's called the parable of the two builders. It talks about one builder who builds his house on rock and the other who builds his house on sand. One was foolish and one was wise. Was the Department's strategy, budgetary strategy, foolish or wise during your time in office?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: You've been employed with the Department of Finance in a range of roles since 1986, and appointed to the second secretary general in 2002. In your views, what changes do you believe were necessary to the operation of the Department prior to your appointment to the Department, and what steps have you taken to highlight any perceived shortcomings or improvements in fiscal strategy and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Did you believe that changes were needed prior to your appointment as ... in the Department of Finance as second secretary general?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Okay, okay. You mentioned in ... on, in your opening statement, page 10, you talk about external, expert advice. You say:In relation to the use of outside expert advice in my time this was mainly in the area of tax issues and tax relief schemes where independent advice was seen as necessary. The standard of this advice was good and generally followed. So what were the main tax issues and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Would you say they accepted ... sorry for interrupting, would you say they accepted the majority of those recommendations, or a minority of them, or all of them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Okay, and in relation to your own ... the internal opinion, as opposed to the external advice. The internal opinion in the Department of Finance in relation to the continuous extension of property tax reliefs was in the negative, you were ... am I right in saying you were arguing with the Minister, or recommended to the Minister that they should be abolished or not extended?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: You mentioned the Minister for Finance, which would be Charlie McCreevy at the time of 2003 and 2004. You said there was an expectation, or there was an announcement that the rates would be abolished, and in 2004 they were extended. Clarify one thing for me, first of all, if Minister McCreevy did nothing on budget day, those tax reliefs would be gone, am I correct in relation to that,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Basically, if he did nothing ... as in ... if the Finance Bill wasn't changed, then they-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: They would have terminated.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Yes, but they were due to terminate in 2004?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Yes, but the point I'm making, they're not like income tax, where the tax is there indefinitely. These were tax reliefs for a period ... a set period of time, which were supposed to ... and the decision was taken by Minister McCreevy, am I right in saying, against the recommendation of the Department to extend those for another period of two years?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Okay. Well, if it's your general view, did you ever express that to the Minister? Or was ... did anybody express that to the Minister?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Do you understand why the Minister rejected the views of the Department in that regard?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: Which representations would they be? Were they representations from the sector, representations from other-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: So the property developers, speculators, individuals who were investing into the reliefs?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Pearse Doherty: And the reliefs in ... the reliefs, the review of the reliefs ... am I right in saying this that they were to the benefit to the most wealthiest in society as opposed to those in the middle or those on the bottom?