Results 1,441-1,460 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Yes, thanks. Mr. Torpey, if I could address my first question to yourself, please, and I'd like to refer to core document, Vol. 2, page 5, and it relates to the inspection by the regulator of Ulster Bank in February of 2006 and in the subsequent report that you received from the regulator under the heading "Reporting of Credit Risk", the following is said: The inspectors are concerned that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Mr. Torpey, this raises an extraordinary situation, if I may say so, which I want to tease out with you, because the regulator was in your offices, or conducting an inspection, between 9 and 17 February 2006 and then makes the two assessments that I quoted to you and you point-blank contradict the points the regulator made. How does that square? How did ... in your view, did the regulator...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: But, Mr. Torpey, being more specific, under the report, "Structure of Credit Files", and I quote, "The inspectors-----"

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Page 5, same page.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: "The inspectors reviewed 61 files during the inspection, 46 different issues were noted during the review and details of these are outlined". But some of the main issues are: The inspectors noted that a number of files had insufficient documentation, were difficult to follow and it was not always evident that all required documentations had been received and filed ... There was no...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Mr. Torpey, how did the Ulster Bank Ireland ... we couldn't get precise figures yesterday from Mr. McCarthy because of the ... your relationship with Bank of Scotland, etc., but how did you finish up losing €13 billion or €14 billion if everything was so perfect, as you seem to suggest to me, in Ulster Bank with regard to lending? And just in relation to that, do you say or not...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: The Central Bank Governor, nevertheless, I quoted yesterday to McCarthy, said that, you know, growth of 20% or greater should send out warning signals of the balance sheet, that you could quickly come into dangerous territory. Did that occur to you? Mr. Black, if you may be familiar with Mr. Black, William Black, gave evidence along the same lines here. He's a veteran regulator from the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Okay. Could I explore now with both of you, maybe starting with yourself, Mr. Gallagher, please, the salary, bonus and pension plans offered to senior executives of Ulster Bank Ireland and whether they were appropriate and so forth? So, Mr. Gallagher, maybe you'd confirm that in the Vol. I, core document, you were employee 17?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Page 11. Well, it's pages 10, 11.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Vol. I, UBI - B5.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Pages 10 and 11, yes. But 11, as far as you're concerned.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Okay. Mr. Gallagher, could you tell us just in a word, because the information isn't given here, what your basic salary, not bonuses, would have been in 2005 and 2006?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Okay. And then, Mr. Gallagher, in 2005, or for the year 2005 you were recorded having received a bonus of €99,000. In 2006 it went up to €427,000; 2007, €440,000; 2008, €580,000. What did you do ... would you agree that these are massive sums of money by ordinary people's standards or not? And what did you do for ... to achieve such significant amounts?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: And Mr. Gallagher, it appears, does it or not ...that the performance is measured largely against growth in revenue ... and, therefore, that these bonuses relate to the growth of the bank ... and which was achieved through very, very rapid lending which in all banks as we know ... finished up in tears? Is that fair to say?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: It was a question ... it was a question, Mr. Gallagher.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: But ... were risk adjustments built into the bonus schemes or not? For example, your largest bonus was €580,000 in 2008, the very year that many banks, including RBS, tanked. Would there not have been a clawback from the bonus in relation to that very detrimental happening for the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: I have to move on ... really ... but Mr. Torpey would you generally have the same opinion or not as Mr. Gallagher in relation to these issues?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: Okay, Mr. Gallagher could I move on rapidly to ... you ... the strategy that was called ''Journey to One'' ... update ... and it's in the core documents Vol. 1 page 13. And this was presented in April of 2007.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Joe Higgins: It's Vol. 1, UBI - B2, page 13.