Results 861-880 of 7,975 for speaker:Joe Higgins

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

Joe Higgins: But then, is it the case that the troika, or elements of it, went into overdrive coming up to 18 November? And there is a thesis, Governor - I'd ask you to comment on it - that, in fact, the ECB acted in such a way and gave signals to the market to bounce Ireland into the bailout. Do you accept that?

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

Joe Higgins: Does that give credibility to the claim that that was, in fact, a strategy of the ECB?

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

Joe Higgins: And then, Governor, further ... if negotiations began on 18 November-----

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

Joe Higgins: Yes. So by 18 November they were well under way?

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

Joe Higgins: Why then did Trichet write this allegedly threatening letter on the 19th, the next day, threatening this State with rather dire consequences if we didn't formally agree, more or less immediately?

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

Joe Higgins: This is ... this is a letter - for the sake of clarity - from Mr. Trichet to the Minister for Finance, Brian Lenihan, on 19 November 2010.

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

Joe Higgins: Finally, Governor, the euro area summit of 29 June 2012. The political establishment returned from that, by common consent, making very large claims for what was achieved - that it was a seismic result, etc. - in relation to recapitalisation from some European fund, thus replacing Government funding and, therefore, releasing funding for public services, etc. The sentence around which all...

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

Joe Higgins: That's all? That's all?

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

Joe Higgins: Yes, but we were led to believe that billions would be pouring from some fund to replace funds that were committed to the banks and that then they were going to restoring society, public services, etc.

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

Joe Higgins: Is it not putting the debt into 2050 on the children of children unborn?

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

Joe Higgins: Yes, Governor, sorry but I have to ask you one or two technical issues.

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

Joe Higgins: Based in relation ... reference to Vol. 1, Honohan, page 139 onwards. And it's the IMF "Detailed Assessment of Observance of Basel Core Principles for Effective Banking Supervision."

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

Joe Higgins: And the 2013 assessment ... so Ireland was judged to be materially non-compliant in four areas as against the Basel core principles and they would be: 1, Independence, accountability and resourcing; 2, Supervisory techniques and tools; 3, Transactions with related parties; 4, Abuse of financial services relating to money laundering. etc. So can I ask you why was it anticipated that the...

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

Joe Higgins: The money laundering issues.

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

Joe Higgins: Actually, in Ireland's response, Governor, it says, "The Irish Authorities acknowledge that branches of foreign banks have not been inspected, and while this is considered to be consistent with our risk focused approach to AML supervision, branch inspections will be performed." Now, that just leads me into my second last question, which is the figure of €2 trillion in the IFSC and...

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

Joe Higgins: No.

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

Joe Higgins: But, could it ever arise, for example, that some of the same arguments could be deployed that followed the original collapse-----

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

Joe Higgins: -----that this will affect the reputation of the sovereign and push up borrowing costs, etc?

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

Joe Higgins: Mr. Honohan, my last question is this. You won't be before the banking inquiry again, I expect, and then you are departing to other-----

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

Joe Higgins: -----pastures. Can I ask you just a general question? You've mentioned the markets here on a number of occasions, and how the markets respond to this and that. And since the financial crisis surfaced, and then intensified, this is something that became virtually a daily routine. Every austerity cut, every cruel cut to social welfare, to pensions, to low paid public sector workers, etc.,...