Results 4,061-4,080 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

John Paul Phelan: That is fair enough. At the time that the legislation was happening, this was the major element of support for the establishment of NAMA that was expressed in the Oireachtas by different people, not just the late Minister for Finance. I felt I just needed to put that question. Perhaps it has been a long day and you were a little bit brief in your answer.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

John Paul Phelan: We will not wrap them up yet Chairman. A couple of more questions in relation to Mr. Daly. The broader context of NAMA ... you obviously have a responsibility to obtain value for money for the taxpayer. There was also a social responsibility element which I can remember being discussed at length in both Houses at the time. I do not want you to obviously refer to specific...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

John Paul Phelan: And finally, both of you, and I think Mr. McDonagh on page four of your opening statement, you referred to, and he went off script I think even a little bit, to refer to the fact that there was no fire sale ... you mentioned Dr. Bacon specifically. There is evidence that exists of property sold by NAMA that were subsequently resold at significantly increased prices which would seem to...

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: I welcome Mr. Moran. At the start, I have a couple of questions about loan-to-value ratios in the commercial property sector. First, for the committee and for those from outside watching, what is the purpose of loan-to-value ratios in the commercial property sector?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: I refer to page 5, paragraph 6 of Mr. Moran's opening statement, which states:At the time, there was a lot of funding available in the market place. Whilst we were not involved in final loan-to-value calculations between our clients and the banks, were are aware that loans were available at high value ratios. Is there any particular emphasis on the word "final"? Was Jones Lang LaSalle...

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: Referring to Mr. Moran's last answer, was Jones Lang LaSalle involved at the time with financial institutions in their calculation of those loan-to-value ratios?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: I refer to page 6 of Mr. Moran's opening statement where he stated that Irish real estate had become too expensive for international investors. In terms of international investors, was that a particular cause of concern? Mr. Moran indicated already that Jones Lang LaSalle gave advice to some of its investors to dispose of assets. In terms of international investors, how did the company...

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: In terms of international branches of Jones Lang LaSalle, was Ireland registering in those offices and were those concerns being expressed in those offices at that time?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: I may have missed this point earlier. Was the fee structure which CBRE would have applied, in terms of its work for its clients whether from a buying or selling point of view, a percentage-based fee or a flat fee?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: Following on from that, were there any incentivised bonuses for staff, in particular, as was mentioned by a previous witness, with substantial sales? Was there an incentivised bonus scheme for employees, if those schemes came to fruition?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: On page 6 of Ms Hunt's opening statement, she states: "Unusually, 100% of investment spend in Ireland in the period 2001-2008 comprised domestic investors." Although she may not be able to provide us with the information, to the best of her knowledge was that a change from the figure pre-2001 or would the 100% figure stretch back further than that?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: How would that figure of 100% have compared with other countries, for example, in the EU?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: In response to Senator Michael D'Arcy's questions, Ms Hunt stated that there was no analysis of valuations versus actual prices paid. I do not know how to ask this without appearing to be leading. Would it be part of the service provided by a company such as Ms Hunt's that there would be an ongoing analysis as to whether the valuations corresponded to the values that were paid?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: If valuation is a significant part of Ms Hunt's business, is there not a necessity on her in that capacity that she would check to ensure that the valuation was reflected in the ultimate price? Is there not something of a contradiction?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: Furthermore, in response to Senator Michael D'Arcy's question about the 2005 figures for commercial property in Ireland, how it was a record year and it trebled in 2006, Ms Hunt stated that "it would not be unusual" for such a trebling. Why would it not have been unusual? Surely, a record year such as 2005, and a trebling of that the following year, would have provoked some thought?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: Finally, I have a brief question. The previous witness was at pains on several occasions to point out that from the end of 2005 his company was recommending to some of its clients to disengage from the commercial property sector in Ireland. Was there any such efforts by CBRE in terms of its clients in the Irish commercial property market?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

John Paul Phelan: I thank Ms Hunt.

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

John Paul Phelan: I welcome the witnesses. I have just a couple of questions and will deal with them as quickly as I can. Yesterday I asked the representatives from the Irish Examinerthe question I will now put to Mr. O'Regan and Mr. Doorly. In their time as editor or director of their respective publications, did they ever have any formal or informal meetings with representatives of property or banking...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

John Paul Phelan: Yesterday we had a couple of academic witnesses before the committee who raised particular issues. I would like to put to Mr. O'Regan a comment made by Dr. Julien Mercille. He stated that, "news organisations largely conveyed the views of political and economic elites ... Thus, because the housing boom was beneficial to key sectors of Irish corporate and political establishment, it was...

Committee of Inquiry into the Banking Crisis: Context Phase (26 Mar 2015)

John Paul Phelan: Is Mr. O'Regan rejecting the assertion?