Results 761-780 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: No, Mr. Cowen has replied to my question. Just a final-----

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

Joe Higgins: Just a final question-----

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

Joe Higgins: I'll just leave it at that, Chair and when I wrap up, I have some further regulation questions.

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

Joe Higgins: Yes, I just want to deal with one question, Mr. Cowen, because of time, and it relates to, again, the question of resources in the financial regulation area in your time. Now, you said in point 27 of your written statement "The Central Bank and the Financial Regulator's office had significant resources in dealing with the supervision and regulation of the lending institutions." If I could...

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

Joe Higgins: So you were not aware of the concerns-----

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

Joe Higgins: Would you say on the face of her evidence that resources were over-stretched?

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

Joe Higgins: And are you surprised now that this wasn't brought to your attention by the regulator?

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

Joe Higgins: Mr. Cowen, you state that throughout your time as Minister for Finance very few questions were asked by Members of the Oireachtas about banking issues and during the time under consideration, of course, bank lending was growing very rapidly - perhaps 30% per annum - house prices were careering ahead and personal borrowing was also rising rapidly. In your opinion, why was there so little...

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

Joe Higgins: Could it have been a factor, Mr. Cowen, that, perhaps, a majority of the Opposition shared with the Government the belief in light-touch regulation, kind of, neo-liberal markets, etc., that didn't lead to a more intense scrutiny?

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

Joe Higgins: Just on another issue, by the year 2000, the Government had requested reports from Mr. Peter Bacon, I think it was maybe three at that stage, to address rising property prices. Now in 2004, '05 and '06 when the prices of houses again accelerated, why was no such report commissioned or, you know, commensurate action taken by yourself at that time?

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

Joe Higgins: Mr. Cowen, by 2006, one third of the value of trades on the Irish Stock Exchange were accounted for by contracts for difference. Now, as you would know, a contract for difference is a form of derivative instrument that allows an investor to bet on the likely performance of a particular stock without owning the stock, or a majority of the stock even, and it could allow investors to hide their...

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

Joe Higgins: And, looking back now, Mr. Cowen, and you might remember I quoted Mr. Buffett earlier where he described a derivative as a time bomb, both for the parties that deal in them and the economic system. Had such a tax gone on, it might have discouraged Mr. Quinn from the extent of dealings in contracts for difference in Anglo and, thereby, reduced at least some of the damage that was consequently...

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

Joe Higgins: Thank you Mr. Cowen. In response to Deputy Phelan earlier, in regard to party funding, Mr. Cowen, you indicated that in your view there was no issue as members of the Government were not included. But can I ask you if in ... well, in 2006, the record shows that a golf classic raised €18,000 for yourself, from 18 donors, 12 of whom were very prominent in the property construction and...

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

Joe Higgins: This-----

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

Joe Higgins: Mr. Cowen, in a book called the Ship of Foolsby Fintan O'Toole, it's said that €65,000 was raised for political funding for yourself by 13 businessmen around a meeting in the Shelbourne Hotel in March 2008. Can you explain ... is that ... did that happen, and can you explain what that was about?

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

Joe Higgins: Okay. We'll come back-----

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

Joe Higgins: Yes. Mr. Cowen, last question: in evidence to this inquiry, Mr. David McWilliams relayed a contribution to "Prime Time", RTE TV, that he made in October 2003, and a brief quote on what he said in October 2003 is as follows: The Irish housing market is a scam. It is an enormous financial swindle that could potentially confine an entire generation of young Irish workers to years of bad...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Morning, Ms Nolan. Ms Nolan, the banking and financial services division at the Department of Finance have, as a principal directive, it's on your website, and I'll just quote: "On the one hand, to contribute to the maintenance of financial and economic stability and identify and manage potential risks to that stability...". And then, on the other hand, a little bit later, "...to continue...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Yes. With respect, Ms Nolan, the paper, Regulating Better, from the Department of the Taoiseach in January 2004 made exactly those points, that regulation was to develop in a responsible way the sector. But we know what happened in the meantime with the bubble and the disastrous crash. Now, several witnesses in front of this inquiry have suggested that giving the Central Bank and the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)

Joe Higgins: Yes. I'm just trying to explore whether this is a conflict that still can have detrimental effects because it was suggested by witnesses that one reason for so-called light-touch regulation was that there was a reluctance to be tough on Irish banks, for example, in relation to the extent of property lending, over-lending, etc., because that would make then the Irish Financial Services Centre...