Results 641-660 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Joe Higgins: Okay. You can't throw any light on it. I appreciate you haven't the document-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Joe Higgins: Yes, I think it did arise as a result of an ECB method of evaluating being different to AIB's method, so-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Joe Higgins: Okay, thank you. Just to move, Mr. Corrigan, if I could have the letter NTMA 002501, and this is a letter, Mr. Corrigan, that you wrote to the Minister, Brian Lenihan, on 27 November 2010, and if we can go to the second page of that letter please, it's .... yes. And you're very concerned here ... you're ... the letter is talking about a €35 billion requirement. Now, Deputy McGrath...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Joe Higgins: Last question, then, Mr. Corrigan, is this. You were close to the National Pensions Reserve Fund for a long period of your working life and the legislation in 2009 was changed allowing the Government to direct funds to Bank of Ireland and Allied Irish Bank. You mentioned this in your statement, €7 billion. Can I ask you, you had been in charge, you had been seeing how these funds had...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Joe Higgins: Well, if it continued to be invested as you had been doing, would the returns have been much bigger than the banks would give in those circumstances?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Joe Higgins: Should a notional figure like that be put into the ... when we come to the final balance of what was lost and what was gained in this whole scenario of guarantee, bailout, etc.?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Joe Higgins: Thank you, Mr. Corrigan.

Written Answers — Department of Social Protection: Insolvency Payments Scheme Payments (14 Jul 2015)

Joe Higgins: 185. To ask the Minister for Social Protection further to Parliamentary Question No. 204 of 9 December 2014 regarding a review being under way in her Department on the enforcement of Labour Relations Commission awards for unpaid wages in the event that a former employee's company had ceased trading but had not been liquidated, the way such workers can have their successful claims enforced;...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Thank you. Good afternoon, Mr. Quinlan. Mr. Quinlan, the banking inquiry is for the purpose of, and I quote from the terms of reference, "to inquire into the reasons Ireland experienced a systemic banking crisis, including the political, economic, social, cultural, financial and behavioural factors and policies which impacted on or contributed to the crisis". Now, in your opening...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: So just to clarify, are you putting all this then on the macro-financial situation internationally and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: But we ... we'll explore some of those and related issues. Could I just bring up the graph from your introductory written statement ... from page 3, which will come up on the screen there, Mr. Quinlan. "Assets by Type - Based on valuation", and this is from your 2006 business and transaction overview, Quinlan Private.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: So, we have here 6% retail, then we have office, then the light blue is hotel and mixed use is a considerable portion, and then some residential. Can you just say ... tell us, what is mixed use, just briefly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Okay. Would land earmarked for future development come into ... under that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: What would that be in?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Okay. Mr. Quinlan, on page 5 of your ... your written statement, you gave us a table showing what seems to be exponential growth of the total property assets under management. And if I just take an example there of... for example, in 2003, your total assets is €1.6 billion, which is a 43% increase over 2002; 2004 €3 billion, which is 83% over 2003; 2005 is an increase of 41%;...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: And in general how-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: In general, Mr. Quinlan, you financed this large accumulation from a range of banks, Irish and international, would that be true?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Okay. Now on page 3 of your opening statement, Mr. Quinlan, you say, "Anglo Irish Bank was Quinlan Private's principal financial institution". And Anglo's assets growth, which we've had evidence about in the course of the inquiry, would kind of mirror to some extent, the rate of growth of Quinlan Private. For example, in 2004, you don't ... I will just allude quickly to these figures. In...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: Yes, and the evidence is that there was a heavy concentration of property lending as part of that growth. But can I put to you then what Governor Honohan of the Central Bank said in relation to this type of growth: A very simple warning sign used by most regulators to identify a bank exposed to increased risk is rapid balance sheet growth. An annual growth rate of 20% is often taken as a...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Joe Higgins: On the other hand, Mr. Quinlan, would the property bubbles and crashes, for example, in the Scandinavian countries in the 80s and 90s, would that not have given you pause for thought?