Results 661-680 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: Would you agree that there are elements here that are universal? Scandinavia just happened to be the ... you know, Professor Morgan Kelly illustrated up to almost 30 property booms over the last 20 or 25 years which bubbled and then burst.

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

Joe Higgins: In page 10 of your written statement, if you can put it up please, yourmodus operandi under that graph, financial gearing is... you say "deliver the benefits of financial leverage providing the investor with geared returns on the non-recourse basis". Can you explain that, please?

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

Joe Higgins: It's page 10 of the written statement that Mr. Quinlan has provided and those arrows there. It's the second last one, financial gearing. It is from "Business and Transaction Overview", April 2006, Quinlan Private.

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

Joe Higgins: And was the use of extreme leverage a factor in the crash?

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

Joe Higgins: Okay. Mr. Quinlan, speaking in general terms, the average loan discount of loans transferred by the banks to NAMA went from the 30% suggested initially by the banks to 58%, the write-down.

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

Joe Higgins: Did that size of discount surprise you or Quinlan Private at the time?

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

Joe Higgins: Well, the face loans ... the face value of the loans before they were transferred and to when NAMA took them over was a haircut of 57%.

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

Joe Higgins: Yes.

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

Joe Higgins: The write-down was-----

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

Joe Higgins: -----NAMA told us in evidence-----

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

Joe Higgins: Well, in any case, it was, would you agree, a substantial haircut?

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

Joe Higgins: In ... do you agree that there was a bubble? Would you call it a property bubble that existed in the 2000s?

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

Joe Higgins: Okay. Mr. Quinlan, in evidence to this inquiry, a US regulator and financial prosecutor, Professor Bill Black, you may have heard of him; perhaps you didn't?

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

Joe Higgins: He spoke about the dangers which he claimed were ... should have been well recognised of too fast a growth and I'll just quote, it's page 1 and 2 of his written ... or, sorry, his oral testimony, but you don't need to read it because I'll read a paragraph or two.

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

Joe Higgins: It will, yes, but I think it's easily absorbed, the idea that he is putting here. So, to quote, he said: Here is the recipe which leads to something distinctive. It is a recipe that the institutions [he's speaking about financial institutions] follow-----

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

Joe Higgins: It's in the very first of his oral evidence, of Mr. Black's oral-----

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

Joe Higgins: It's page 1 and 2 from my-----

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

Joe Higgins: Yes, if you just ... sorry, we are nearly there, just keep going ... scrolling up, please. Now, yes, exactly. The last paragraph there, Mr. ... oh, stop, stop.

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

Joe Higgins: So, "Here is the recipe"; can you see that?

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

Joe Higgins: Yes. I'll read it quickly perhaps: Here is the recipe which leads to something distinctive. It is the recipe that the institutions follow which produces the worst losses, is most likely to cause hyperinflated bubbles, is most likely to cause catastrophic individual losses, and is most likely to cause future crises. I am speaking about the past throughout the world, but my focus is going...