Results 341-360 of 7,975 for speaker:Joe Higgins

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Mr. Drury, you were a director from 2002 to 2008 and I'd just like to take you through, very briefly, the rate of growth in Anglo lending, corresponding largely with that time, and Nyberg and other reports refer to this. But, in 2002, from annual reports, Anglo had €13.3 billion in loans. In 2003, that went up by €4 billion. It went up by €7 billion in 2004; by...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Yes. Mr. Drury, just for time, I'll move on. At that period as well, the profit growth was also stellar - 2003, 33%; increasing for most years up to 46% growth in 2007. Did profit growth at this exponential rate risk leading to reckless lending in Anglo?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: How would you explain then, Mr. Drury, that of the loans that went from Anglo to NAMA, €31.97 billion worth, or 92% of the total book that went to NAMA, were loans given out by way of exception to stated credit policy? Source is IBRC, Vol. 2, page 3.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Can we look at Vol. 2, page 78, please, and this, Mr. Drury, refers to the bonuses in Anglo Irish Bank, the ten top bonus between 2001 and 2008. I'm caught for time here-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: -----but if we take the right-hand column, I'll just take the top person, who I assume is the same person in each of those years, and the right-hand column shows, in 2001 for this person, a bonus of €1.7 million; 2002, €1.2 million; 2003, €1.4 million; 2004, €1.6 million; 2005, €1.5 million; 2006, €1.9 million; and 2007, €2 million. In...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Finally, Mr. Drury, would you ... you referred in, perhaps, the penultimate paragraph of your verbal evidence today about "gorging", we "gorging" in the boom years, "insatiable appetites", and I think you said, "I sat there myself and ate more than I needed." I'd like to ask you who you're speaking about when you say "we"? And also, I'd like to ask you would you include that as you describe...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Would that be the type of activity you would be referring to or something else?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Mr. Dukes, just in relation to what you said were aggressive cuts to bondholders that you tried to inflict. Which authorities ... was it national or European were reluctant?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: As you know, Mr. Dukes, the whole question of haircuts to bondholders or burning bondholders, so-called, they have been quite a controversial one ... just with the benefit of what you've seen in Anglo would you have a comment on the ... that general issue since the bank guarantee? Do you think that there were opportunities for much more severe haircuts to bondholders rather than taxing the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: If you had your own way?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Okay. And, Mr. Dukes, you were public interest director when Anglo was nationalised in January of 2008. What was the total loan book at that time, can you remember?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Okay. So then, €33.9 billion was transferred to NAMA. I think that's the correct figure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: So, leaving about €40 billion with Anglo. Would that be correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Joe Higgins: Okay. What was the ... can you say that there was a profile of the customers that remained with Anglo at that stage? I mean, the big developers had gone. What was the general profile of those who remained?