Results 25,141-25,160 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Was your body comfortable, or not, being a self-regulating body for valuers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: You mentioned the methodologies used in relation to valuation. Can you outline how the methodologies used in relation to Ireland pre the crisis compared to our European partners?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Okay. The banks valued loans on an amortised basis as they were the originators of the loans. By contrast, NAMA, on acquisition of the loans, value them on fair and true-market-value basis. As a result, the aggregate loans came to be valued at €31.8 billion by NAMA in contrast to €74 billion value estimated by the banks. Against this background, how robust in your view were...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: You mentioned you'd have to believe. Do you believe that they ... in the robustness of the valuations that took place that amounted to the fact that the banks ... the institutions had loans of €74 billion that were written down as you said in 2009 by NAMA to the value of €31.8 billion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: So is there anything in your methodologies today that would suggest that the valuations that were given on those assets to the institutions would be any ... any way different?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: No, no ... the methodologies.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: So, using the practice that you apply today and ... going back to that period in 2006, 2007, 2008 ... the valuations in your view would still be of the level that they were?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Okay. Can you explain this to me. We have had evidence in today's inquiry about some people that ... that would have been looking for trophy properties for status purposes - and I won't be mentioning any individuals ... no individuals' properties was mentioned in that case - but ... just explain this to me, from a valuation point of view. If somebody is after a trophy property ... and lets...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Can I ask you why did your body, which represents valuers, lobby the Government in relation to tax changes for the property sector? For example, the abolition of the stamp duty and changes to the stamp duty, mortgage rent scheme, mortgage interest relief... they are quite numerous. Why did a body such as yours ... that are ... is an institution in terms of valuation, go into that area?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Was it the right thing to do in hindsight?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Can I ask you ... in the position that you hold, was it appropriate in 2006 to be lobbying for the abolition of stamp duty? Was it appropriate to be lobbying for a number of measures that some would say would have potentially fuelled the property bubble?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Can you just inform the committee or ... or for a body that represents auctioneers, who sells the property, and a body who represents valuers, who value the property, some people would see that as a conflict of interest and suggest that when valuations increase everybody wins. What would you say to that notion? How would you rest ... how would you rest the concerns that people would have,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: I just want to ask you in relation to evaluation panels, you mentioned that they were generally organised and managed by the financial institutions and I'm interested to see how those panels created competition between valuers ... amongst valuers ... and also in relation to the Central Bank's report that you mentioned on ... on page 4, "Valuation Processes in the Banking Crisis –...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Can I ask you this here ... because one of the Central Bank's findings is the point about the relevant experience, where they talk about where "there were instances in which valuation appointments were not assigned to valuers with the requisite experience and inappropriate valuations were utilised by the credit institution[s]". So would there not be a situation where somebody could be...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Have you done anything ... the Central Bank suggests this practice did happen. And what did IPAV ... do you accept that? What did IPAV ... what have IPAV done, as the self-regulating body in relation to valuers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Go raibh maith agat, a Chathaoirligh, agus fáitle roimh an bheirt chuig an coiste. Can I ask you, to start off, did Deloitte perform any stress testing as part of your external audit of the bank to take into account the correlation between the different types of property being financed, that being residential, commercial, development land and speculative land banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: And, in relation to how it was being financed in terms of realising equity that was in one project, financed in another project, did you look at that area?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: And were you satisfied with what you'd seen?