Results 381-400 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: You don't really need to go there, Ms Tinney, in the sense that I'm just saying the reference is "The Toe in the Water approach is the favoured one", according to these minutes. I'm saying does that tally with that rapid increase in growth that I outlined?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Yes. If we come forward then and this is starting at page 99 in Vol.1, Ms Tinney, and this is the EBS commercial business plan from 2005-2008-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: -----and if you go to page 101-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: -----it would seem that, perhaps, things have ... went forward from the "toe in the water" when, in the "Step Up" strategy, page 101, bottom right-hand side, favours "Grow high margin business in development finance ... Low emphasis on growing current business lines which have low ROC [return on capital]." This would seem, would it, to have formalised a move from the "toe in the water" to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Was?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Yes, okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Yes and the strategy outlined, Ms Tinney, for the growth projected in commercial lending in 2005 was to be 25%; 2006, 29%; and the profit levels equally that were laid out were to be of a similar order - 25%, 2005-2008, in the updated strategy for 2004-2008. They seem to be high levels of profits in a mature market. Were you able to intervene at the board or do you remember challenging any...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Okay. And in going for it apparently, Ms Tinney, in the EBS and developers as you outline it ... for example, in page 5 of your statement. And you speak about being inundated with proposals from EBS management on behalf of developers for quantities of cash in tens of millions and so forth being given very little time to process or absorb or to make a decision.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Now, in ... Mr. Merriman this morning said in evidence that this was just a last stage of a lengthy approval process and that board members would have received relevant and suitable advice to help them with their decision. Was that the case as you found it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: So am I-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Am I right here, Ms Tinney, that decisions then to give serious amounts of money to developers were not taken after a discussion on a board meeting, but were done by the ... done by board members via e-mail? Is that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Is that the case?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: Why was it a 24-hour period do you know?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: We can take that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: We can take that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Joe Higgins: We can take that, Ms Tinney-----