Results 981-1,000 of 7,975 for speaker:Joe Higgins
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Yes. Now we've done that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Mr. Considine, with respect, was there any serious debate inside the board, for example, where one or two members, for example, were arguing strongly about serious dangers and that that made a mark-up on you and other members? Did that happen?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Okay, thank you for that. And then, Mr. Considine, within your own Department ... in recent years, newspaper reports emerged that there were a number of people who had a very seriously different approach and were attempting to raise red flags about a property crash, for example, housing crash, etc., in the middle of the 2000s. Were you aware of this?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: But, for example, Mr. Considine, there was an allegation that in relation to answering parliamentary questions, etc., when there were shock warnings of the extent of the credit growth, the property market and the danger of a crash, that the official or officials concerned were instructed to change that. Is that true?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Right. Move on again so, Mr. Considine. The Regling and Watson and indeed many other reports and individuals highlighted the over-exposure of banks to commercial property, including land and development sites. Was your Department aware of the risks as they emerged or as that ... the speculation and so forth intensifies and were any steps taken in relation to that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Okay. Could I turn then ... a continuation in some senses of ... of this question, to Vol. 1 of your core evidence document. And that's page 155 which is DOF and then 001. It's the ... a letter from the Irish Auctioneers and Valuers Institute to Mr. Charlie McCreevy TD, Minister for Finance. That should come up on the screen.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: You have it there yes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: And then if ... so it's the auctioneers association lobbying the Minister for Finance in June 2003 and we then turn to page 157.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Page 157 now, we can ... if ... can that come up on the screen now as well?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: It's 003-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Yes, and I just want to refer to four, "The IAVI recommends consolidation of the legislation surrounding compulsory purchase rights, but is strenuously opposed to any amendment to the fundamental principle of compensation being open market value.", and they are talking about land here. Can we go to the next page then please on the screen? Sorry, two pages down, page 159. Just the next one,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Yes and down at the bottom of that page, "Conclusions". Yes, if you see "Conclusions"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: The IAVI, ''Believes that the market for housing and housing lands is heading towards equilibrium and will, if not have interfered with, find that level of equilibrium in the next 24 to 36 months and is best left alone to achieve that.'' And finally, the next page, please and the last paragraph there, Mr. Considine, ''The IAVI is totally opposed to any system in which individual landowners...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Yes, "It is the view of the IAVI that any subsidy of housing costs should be borne by the tax payers at large rather than penalising individual landowners." Very, very strong lobbying, would you agree or not, on behalf of the property industry? Was this common and what impact did this have on Government policy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Yes, but would the record show or not, Mr. Considine, that, in fact, this carried huge weight with the Government in the huge, by common consent, very large concessions that were given in tax breaks for developers and so forth?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Over a long time, was it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Okay, so, just to conclude then, that last paragraph again, "The Irish Auctioneers and Valuers Institute is totally opposed to any system which individual landowners are deprived of the open market value of the land in the interests of favouring other more disadvantaged members of the community." We know, by common consent, there was massive speculation in building land, which hugely drove...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: But is it-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: But is it manifestly clear or not, Mr. Considine, that, for example, the young people buying their first home between ... who saw between '96 and 2006 the price of home increase by the equivalent of the average industrial wage each year, much of that driven by the land price ... Is it clear or not clear who won out in that circumstance by the policy that was actually implemented?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Joe Higgins: Mr. Considine, just briefly, following on the questions in relation to house prices that Deputy Doherty was on, did you ever discuss with any of the Ministers for Finance the massive increase in house prices that was happening between 1996 and 2006?