Results 25,721-25,740 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: To whom in official circles did Mr. Moran's firm offer its opinion?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: I thank Mr. Moran.
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Cuirim fáilte roimh an tUasal Hunt chuig an coiste. I believe that at the previous meeting, I may have taken her name in vain when I was talking about the financial stability update in 2007. It was of course authored by Ms Maria Woods and not by Ms Hunt. In her statement, Ms Hunt mentions that 100% of the investment spending in Ireland in commercial property for the period between...
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: How many investors are we talking about over that period?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: For example, information for 2006 was provided to the committee indicating that there were 121 transactions, which equated to €3.6 billion of investment. Some of those transactions may be the same individuals or they may be syndicates. Is any information available as to the number of investors? Would it be fair to assume that some who invested in 2004 are the same individuals who...
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Over what period?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: It is a small market. For 2006, therefore, and this is Ms Hunt's guesstimate, of the 121 transactions we are talking about 50 or 60 individuals or syndicates.
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: In Ms Hunt's experience is the 50 or 60 investors in 2006 the same or what portion of them were the same investors in 2005 and 2004, for example?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Can Ms Hunt provide that data to the committee?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: That would be appreciated. Ms Hunt mentioned there was a lack of knowledge on the part of her organisation of how they were funded. Were there any conversations or suggestions as to whether they were funded by equity, debt or cash?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Ms Hunt mentioned leverage in her opening statement and stated that the ability to leverage is one of the key attractions of investment in the commercial real estate market. Will she explain the reason for that to the committee? Why is commercial property attractive to leverage?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: What is Ms Hunt's understanding in regard to leverage? Is it 70% or 80% debt funded? What is her understanding in terms of the average?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Would Ms Hunt be surprised to learn that the leverage was in the region of 70% or 80%?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: That would mean that these investments could be debt funded up to that level.
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Half the Irish investment in commercial property in the period 2001 to 2008 was in UK property. What were the investments being made in the UK?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: In terms of how they were funded, is it Ms Hunt's view that they would fund them the same way they would fund Irish investment properties?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Ms Hunt stated in a paper that in 2006 there was €7.4 billion of investment in the UK by Irish investors and suggested that would be 158 transactions. Would that be correct?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: It is a quote from The Irish Timeswhich states: "Figures compiled by Marie Hunt, director of research at CB Richard Ellis, show that the Irish were involved in 111 investment transactions and 47 sales". That is in regard to €5.5 billion that was invested in 2006, and property sold at a further €1.89 billion. Would that figure be correct?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: The figure of €7.4 billion correlates with the chart Ms Hunt has provided.