Results 721-740 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: And, Mr. Cowen, in 2008, around the time of the guarantee and after, when, you know, big depositors and bondholders can essentially threaten banks by shifting large amounts of money ... two weeks ago the Financial Timesreported that the current Minister for Finance, Mr. Noonan, and German Finance Minister Schäuble argued for capital controls in Greece to stop major funds leaving Greek...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Capital controls rather than the route you took?

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: And, Mr. Cowen, when ... essentially, what many people would regard as a horrific programme of austerity was to be imposed on the Irish people to bail out the banks, did you ever consider a referendum of the Irish people on that bailout programme? And, in retrospect, how do you justify putting a burden of €64 billion on the ordinary people for debts of banks and bondholders that they...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: The point is there was lobbying going on by property interests in 2008, in towards the end of 2008 in response to the crisis that was going on and in preparation for budget 2009. The Irish Times, on 9 October 2008, refers to Derek Quinlan of Quinlan Private lobbying the two Brians, meaning Brian Cowen and Brian Lenihan, in relation to necessary - as he put it - action for the construction...

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Not a meeting necessarily, but in any way.

Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)

Joe Higgins: Okay, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: Mr. Cowen, one of the statutory objectives of the Financial Regulator according to the 2003 Act was the, "Promotion of the financial service industry in Ireland." To what extent did the Government encourage the Central Bank to pursue this objective? For example, are you aware of discussions between Government representatives or, indeed, yourself and the Central Bank or the regulator in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: Okay, no, you've answered the question so far, but let me just-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: -----go forward then, that many people would believe Mr. Cowen - I put this to you for a comment - that there would, indeed, be a conflict between the Central Bank and the regulator being charged with regulating and controlling financial institutions, banks, etc., from excessive profit-taking or whatever on the one hand, and then, on the other hand, trying to make the situation attractive to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: And on that very point Mr. Cowen, there was evidence here that the presence of the financial services centre was, indeed, a pressure, acceded to by Government and the regulator to lessen the robustness of regulation on the Irish banks and can I quote you from your own book of evidence, Vol 1, page 11? It's fairly straightforward. This is Mr. Con Horan who was prudential director of the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: Now: Given the international trends, a principles-based approach [which has been referred to here as light-touch regulation, that's my comment] to supervision was also seen as important in developing Ireland as an international centre for financial services. Further, in accordance with the 'Better Regulation' agenda, the financial services industry in Ireland has been given significant...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: The point that was made by Mr. Cowen is that the light-touch regulation was introduced to the Irish banks to facilitate the IFSC. But I wish to just develop the point a little bit. Your Taoiseach, former Taoiseach, in 2004 Mr. Bertie Ahern, in a foreword to "Regulating Better" from his Department, said the following, and I'll read one or two quotes, and the question I want to put to you...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: Yes ... the point I would put to you after is to ask you if in fact your Government made regulation subservient to competitiveness and competition between banks. Mr. Ahern says: Enhanced competitiveness is a key part of the Government's strategy to achieve social progress, better living standards, and a steadily improving quality of life. I am absolutely committed to ensuring that Ireland...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: No, it's, it's-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: -----it's a proposition for comment ... caused a bubble and caused the crash.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: Let's talk a little bit about regulatory capture, perhaps, because you say on page 11 of your written statement to us, as Minister for Finance, in paragraph 77, "There was a lack of analysis by both Central Bank and Financial Regulator in challenging the over concentration of risk in property." You say, "There was clearly a culture of deference in operation between the Financial Regulator...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: It's a speech the Minister made, it's quite clear, the intent of it. Mr. Cowen, Warren Buffett, a billionaire who would know something about speculation and derivatives, said: I view derivatives as time bombs, both for the parties that deal in them and the economic system. [P]arties to derivatives [also] have enormous incentives to cheat in accounting for them [...] In my view,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: -----in other words, profiteering. Isn't it clear, or is it, or do you disagree that you were in fact encouraging the worst excesses of the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)

Joe Higgins: Yes ...