Results 1,841-1,860 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: That was for investors.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: Yes. Although the rate of increase did reduce in 2001, for second-hand houses, for example, prices still increased at approximately two thirds of the average industrial wage in that year alone. An ordinary person would see that as an inordinate increase. Would Dr. Bacon's proposed measures have been enough to have an ongoing effect in bringing the prices down to much lower levels than this?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: An article in The Irish Timesfrom 6 December 2001 by Mr. Colm Keena suggests that the decision made by the then Minister for Finance, Mr. Charlie McCreevy, to reverse a high rate of stamp duty for investors "was done against official advice and after intensive lobbying by interested parties." The briefing note from the researchers to the committee makes the following assertion, "There...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: Which people?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: What is Dr. Bacon's understanding of the nature of these investors? Did they have political clout? Did that affect Dr. Bacon?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: I wish to explore the issue of affordability of homes with Dr. Bacon. My interpretation, which Dr. Bacon can correct if I am wrong, is that he saw affordability more for the ability to pay a mortgage. One of Dr. Bacon's recommendations was to increase the length of mortgage time. I think he may have put out a figure of 35 years on one occasion. I am keen to explore with Dr. Bacon a...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: Our researchers have suggested that in a number of years during the housing boom the increase in the value of the average home was larger than the amount of money a worker on the average industrial wage would take home over the whole year. In fact, from 1996 to 2006, they maintain that the price of an average home increased 400%, an average each year of equivalent or greater than the average...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: Anecdotally, it was said of new housing developments that every second house represented a profit for developers in some cases. Would Dr. Bacon consider that profiteering?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: That did happen, did it?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: I will move on to NAMA briefly. Dr. Bacon preferred the NAMA set-up rather than nationalisation. What is Dr. Bacon's view of the Comptroller and Auditor General's observation that the Bank of Ireland was given approximately €1 billion above the real market value of its impaired loans? In preparing his report did Dr. Bacon underestimate, perhaps, the level of impairment in loans?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: In essence he said that state aid of €1 billion was given to Bank of Ireland.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: When Dr. Bacon prepared his report-----

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: It was about the level of impairment, as would seem to be evidenced by what the-----

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: The two major pillar banks were worth perhaps €500 million between them around that time. Would Dr. Bacon consider that perhaps the nationalisation of the banks, with a return to profitability, as of now, accruing to the taxpayer, might have been a better option than NAMA?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: As I have only three minutes for questions and answers, I will quickly put three questions.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: Dr. Bacon described real estate investment trusts as a positive development. I will put an alternative view that has been expressed to me by a mortgage holder who is having a loan transferred to one of these trusts. It was put to me that these trusts are vulture capitalists and these transfers make the mortgage holders position very vulnerable. Will Dr. Bacon comment on that alternative...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: It related to affordability.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: In regard to the bubble period, the professor said on a number of occasions today that property was extremely popular, that many people were making lots of money - land sellers, professionals, banks, construction workers - and that this felt great at the time. He was an adviser to the then Minister for Finance, Brian Lenihan, in October 2010 when he said, controversially, "Let us be fair...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: Yes, I understand. Does the professor echo that belief?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Joe Higgins: Yes.