Results 1,581-1,600 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Yes. Why would you not have been aware of this, or were you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: I was just quoting the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Mr. Sheehy, Professor Black says that there is a perverse incentive for senior executives to increase the balance sheet because it's linked to their salary and bonuses. The record of AIB, annual reports will show, that your remuneration substantially increased, along with a substantial increase in the balance sheet growth. Was Professor Black correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Mr. Sheehy, between 2005 and 2009 you earned, in salary and bonuses, €7.6 million, which would take an industrial worker 190 years to earn. In view of the apology you made and the mistakes that were made, which you said, did you consider giving a contribution-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Did you consider giving a contribution to the taxpayer from that amount of money? And, lastly, you were obviously a substantial lender to homeowners, owner-occupiers. The fact that the price of a home was increasing by the equivalent of the average industrial wage each year from '96 to 2006, putting young people, by common consent, in a dreadful situation of up to 40-year mortgages,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: -----did that ever occur to you, as a moral issue, the difficulties that young generation was being put in by the profits that were being made?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Do you agree that the level of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Yes. Mr. Duffy, you say that you worked for ten years at Goldman Sachs International. Can I ask you was that a good or appropriate training ground, do you think, for being subsequently in the most senior position of a bank that crashed following a property bubble? And, perhaps by way of context, you'll be aware that Goldman Sachs was very heavily criticised in the wake of the crisis in the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Rolling Stonemagazine. Are you not aware of that article?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Yes. The question was-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Mr. Duffy, you say on page 1 of your introduction, that Allied Irish Banks made €1.1 billion profit in 2014. Can I ask you to reflect a little bit on that, in the sense that the recapitalisation by taxpayers of AIB was €20.7 billion. On 26 February, the day before the general election in 2011, a further €1.5 billion ... it is not commonly known by taxpayers, in my view,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Is it the case, Mr. Duffy, that AIB will pay no corporation tax in 2014 on the €1.1 billion profit?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: To explain to the people out there, maybe you might, if I am correct that ... until, if the present tax arrangement remains, all the losses at AIB, which is let us say, €20 billion, can be written off against the taxes, and that, therefore, going into the future AIB would have to raise, or could raise roughly €20 billion in profit before it would pay a penny in corporation tax....

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Yes. You referred to the opinionated people of west Cork, Mr. Duffy. Would you say that the people in west Cork or, indeed, west Dublin might think that not paying a penny tax on profits until €20 billion in profit is realised is paying twice for the same losses that the taxpayer has bailed out already? Do you think they would be ... feel somewhat aggrieved, and do you think that...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Is it the case that if AIB is privatised that that tax credit will go on to the private owners?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: What's the current value of AIB would you say now?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: €12 billion or €13 billion. Mr. Duffy, in 2014, NAMA redeemed €6.3 billion in bonds held by AIB ... sorry, NAMA bonds that you held and you paid ... NAMA paid you €105 million ... on top of that, €105 million in interest.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Yes, I'm-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: Yes. Well, we are talking about the terms of reference also about the policy responses and preventive reforms.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Joe Higgins: And if the witness is happy to-----