Results 841-860 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Okay. That brings me to page 9 of your written statement, Governor, I quote from the top paragraph in relation to the cost of: In order to get an overall cost to Ireland of the Ireland-specific banking boom and bust we would need to model how the economy might have performed in the presence of prudent pre-crisis banking practice. A precise quantification of this is impossible, but it is...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Cé hé Domhnall, agus is é a chuirimse chugat ná gurb é Paddy bocht agus Bríd bocht a íoc, agus a clann agus gnáthdaoine, as an tubaiste baincéireachta, seachas mionlach beag a éirigh níos saibhre.

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: As Corkísh.

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: On occasion I have felt like translating for you to various witnesses, Chair, but-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Just lastly on the cost again ... sorry we don't have more time to explore this, but Brendan McDonagh, the chief executive officer of NAMA, made what some people might find an astounding statement. In his opening statement, in page 4, 22 April, that, in fact, NAMA paid €10 billion more for those loans - it took €32 billion - when really he said if the real market cost was paid...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Yes. Governor, in your book of evidence, Vol. 2, we don't need to go there but there is a summary of all changes implemented arising from recommendations of the various reports-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: -----into the banking crisis. So, in your opinion, is the current supervisory regime robust enough to prevent another crisis as happened? And, particularly perhaps, in event of a rapid rise of market interest rates and the impact of that on household and commercial debt?

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Okay and in relation, Governor, to the current situation in Greece vis-à-visthe euro area and some people would object strenuously to the pressure that Greece is being put under but let's leave that aside. In the case of a euro-related crisis, such as Greece leaving the euro, for example, what would the impact be on the Irish banking system and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Yes, and how would the system cope with that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Even theoretically in------

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Right. So, now, Governor, an increasing number of insurance companies, hedge funds, asset managers, special purpose vehicles are choosing to domicile in Ireland and the Irish Financial Services Centre and so forth. Funds under management, according to the Irish funds industry, are set to reach to €2 trillion this year and there's been exponential growth in those fundings, 25% in 2014...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Okay, like, I'm sure the reason that people might wonder and be worried was that evidence was given here and, indeed, you referred to it in your own first report on the banking crisis, Governor, that a reason advanced for so-called light-touch regulation was because of the Irish Financial Services Centre. So that Irish institutions' regulations wouldn't be heavier regulated in case the IFSC...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: And Governor, do you think it is healthy that those financial institutions and the industry has such a close innings to a Government through the IFSC Clearing House Group where there is ready access to the highest political levels in this State for lobbyists essentially? Is that healthy?

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: But Governor, is there a fine line between the equivalent of regulatory capture, which you again mentioned in your first report, and a capture of the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Okay. Governor, how would describe the Central Bank's current relationship with the banking institutions? And do you perceive a difference in the supervisory relationship with the private banks, they are fully private and those that are in public ownership or almost in public ownership?

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Okay. And Governor, in terms of further legislation in relation to financial institutions, do you think that more powers are needed to respond to irregularities and to, let's put it frankly, potential so-called white collar crime in the financial area? And in that regard, what do you think of the United Kingdom senior managers regime, which will include the threat of a criminal conviction...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Because, Governor, it might almost seem a cliché ... what is often said that, you know, a poor person out there steals a loaf of bread or doesn't ... can't afford to pay their TV licence, they're banged up in Mountjoy for a period of time. But, on the other side of the social prism, those who were responsible for billions going awry never see the inside of a jail. So you think there...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Governor, in your opening witness statement to us today you say that ... moving on to the bailout, so-called, that exploratory discussions with troika officials were to begin on 4 November but then they were delayed to 14 November.

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Yes, but you said then it was delayed until 14 November because the troika-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Joe Higgins: Yes, the troika hadn't its act together so to speak.