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REPORT of the Joint Committee of Inquiry Into the Banking Crisis Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act, 2013
TUARASCÁIL ón gComhchoiste Fiosrúcháin i dtaobh na Géarchéime Baincéireachta An tAcht um Thithe an Oireachtais (Fiosrúcháin, Pribhléidí agus Nósanna Imeachta), 2013 REPORT of the Joint Committee of Inquiry into the Banking Crisis Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act, 2013 Volume 1: Report Volume 2: Inquiry Framework Volume 3: Evidence January 2016 Finalised by the Joint Committee of Inquiry into the Banking Crisis on the 26 January 2016 and sent by the Chairman, on behalf of the Joint Committee, to the Clerks of both Houses of the Oireachtas, for circulation to the members of Dáil Éireann and Seanad Éireann in accordance with Standing Orders 107G and 103L of Dáil Éireann and Seanad Éireann respectively, to enable the tabling of motions in both Houses to order the publication of this Report pursuant to section 40(1) (a) of the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act, 2013. Table of Contents Introduction by the Chairman of the Joint Committee of Inquiry into the Banking Crisis 3 Findings and Recommendations 7 1. The Banks 19 2. The Role of External Auditors 69 3. The Property Sector 85 4. State Institutions 99 5. Government Policy and the Oireachtas 161 6. Preparation for the Crisis: July 2007 – 29 September 2008 197 7. The Guarantee 243 8. Post-Guarantee Developments 279 9. Establishment, Operation and Effectiveness of NAMA 311 10. Ireland and the Troika Programme 329 11. Burden Sharing 357 Appendix List 1. Inquiry Framework Overview 375 2. Members of the Joint Committee 377 3. Orders of Reference of the Joint Committee 379 4. -
Joe Higgin's Banking Inquiry Report
The Banking Inquiry Why Ireland Experienced a Systemic Banking Crisis Alternative Analysis and Conclusions to the Report of the Joint Oireachtas Committee of Inquiry into the Banking Crisis By Joe Higgins TD, Member of the Joint Committee1 January 27, 2016 Extreme Profiteering driven by corporate greed drove the property bubble and caused the crash; Bubble Governments of Taoiseach Bertie Ahern, Tánaiste Mary Harney, Finance Ministers McCreevy & Cowen served the interests of bankers/developers Not those of ordinary people; Enda Kenny, Fine Gael Leader, was a silent non Opposition Witness after witness at the Banking Inquiry, including bankers and developers themselves, attested to the kind of cut throat competition between them for profit that drove the reckless lending practices that inflated the property/banking bubble and led to the disastrous economic crash. Dermot Gleeson, the Chairman of AIB from 2003 to 2009 testified as to how his bank aped the methods of Anglo Irish Bank which was lending recklessly to developers and raking in major profits. He maintained that they had a problem of: Anglo being held up to us as an exemplar…Commentators in Ireland and abroad repeatedly said, “Anglo is the best bank. Why can’t you be more like Anglo?” It was determined by one international consultancy to be the best bank of its size in the world. It was the darling not just of the Irish but of European stock exchanges generally… Ethna Tinney, who was an independent Non-Executive Director of EBS 2000-2007, told the Inquiry: The belief that there were substantial profits to be made for the society from these developments led us to emulate our peers…There was a sort of feeding frenzy as the banks clambered over one another to get a piece of the action, especially as new foreign banks had entered the market as competitors…There was a sense that we were becoming a minnow as 1 With major technical assistance and research by Diana O’Dwyer 1 INBS expanded its lending and started to post profits that were up to five times the profits we were posting. -
Michael D Interview
Optimising Murdoch Michael D Optimising our Oil Ireland’s Oil and survival battle interview & Gas resources Gas Resources PAGE 8 » PAGE 16 & 17 » PAGE 24 & 25 » Report of the SIPTU Oil & Gas Review Group Vol. 10 No.6 July 2011 ISSN 0791-458X Troika did noT seek cuT in WaGes of loW paid Workers By FRANK CONNOLLY of the JLC system that recom- domestic economy is the engine mended its retention and added of growth and if you keep taking The EU/ECB/IMF Troika did NOT that they would not be consider- cogs out of the engine by imped- seek to scrap the Joint Labour ing its recommendations until the ing people’s ability to spend, you Committee/Employment autumn. will choke it completely,” Patricia Regulation Order (JLC/ERO) wage They also indicated that they King told Liberty. setting mechanisms during last had not studied the controversial “The three representatives were year’s talks on securing an €85 bil- reform proposals put forward by very clear that they did not seek lion loan facility with the Fianna the Minister for Jobs, Enterprise to have the pay of low paid work- Fáil-Green Party government. and Innovation, Richard Bruton. ers cut through a reform of the At a meeting with Congress According to SIPTU Vice JLC/ERO system. They have not leaders in Dublin on Wednesday President, Patricia King, who met considered the issue and they will (13th July), the Troika representa- the Troika along with Congress not be assessing the findings of tives confirmed that they had not General Secretary, David Begg, and the Duffy/Walsh review until the asked the previous administration Congress economist, Paul autumn,” she said. -
Ireland's New Losers: Contemporary Irish Fiction and the Ethos of Failure
Ireland’s New Losers: Contemporary Irish Fiction and the Ethos of Failure by Michael Fontaine Submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy at Dalhousie University Halifax, Nova Scotia November 2019 © Copyright by Michael Fontaine, 2019 To Mom, Dad, Danielle, and Luc ii Table of Contents Abstract v List of Abbreviations Used ivi Acknowledgments vvii Chapter One: Introduction 1 1.1. A Time of Crisis 1 1.2. What is a Loser?: Situating Loserdom 9 1.3. Losers, Irish Fiction, and the Question of Postcolonial Irishness 30 1.4. Chapter Outlines 45 Chapter Two: Liberation or Limitation: The Violence of the Celtic Tiger in Donal Ryan’s The Thing About December and Peter Cunningham’s Capital Sins 51 2.1. Introduction 51 2.2. “Caught on the Hop”: Adapting, Failing, and Failing to Adapt in Donal Ryan’s The Thing About December 61 2.3. The Threat of “Endless Possibilities”: Resisting Loss and Fighting Failure in Peter Cunningham’s Capital Sins 86 2.4. Conclusion 111 Chapter Three: Losers, Bankers, and Schemers: Figures of Failure and the Collapse of the Celtic Tiger in Paul Murray’s The Mark and the Void and Claire Kilroy’s The Devil I Know 114 3.1. Introduction 114 3.2. “More Comfortable Wrapped in Chains”: Economic Loserdom and Neoliberal Failure in The Mark and the Void 123 3.3. Powerlessness, Entrepreneurialism, and the Question of Masculine Responsibility in The Devil I Know 146 3.4. Conclusion 172 iii Chapter Four: The Shame, Regret, and Resignation of Living with the Legacies of Clerical Abuse in Roddy Doyle’s Smile and John Boyne’s A History of Loneliness 175 4.1. -
The Irish Banking Crisis
APOLOGIES, ABUSES AND DEALING WITH THE PAST THE IRISH BANKING CRISIS PREFACE The anticipated readership mirrors the diverse range of interviewees with whom we have been engaging: This background report was commissioned as part of the Apologies, Abuses & Dealing with the Past project – a three-year initiative funded by the Economic & Social • Victims and survivors Research Council. • Legal professionals (including lawyers and judges) • Government officials The wider project explores the relationship between apologies, abuses and dealing with the past. Using the island of Ireland as a case-study, the project will explore a range • Local and national policymakers of wider themes concerning the ways in which apologies have been constructed, • The clergy and Church officials delivered and received beyond the state. It focuses on apologies for harms inflicted • Bankers by paramilitaries, state actors, churches and the corporate sector. • Civil society activists The project team are based at the Schools of Law; History, Anthropology, Philosophy • Journalists and other commentators and Politics (HAPP); and Social Sciences, Education and Social Work (SSESW) at Queen’s University Belfast. • Scholars interested in the role of apology in dealing with the past Despite widespread acknowledgment and acceptance that apologies are key to dealing The entire paper series will be made available on our project website: with past harms, the theoretical literature is rarely informed by detailed empirical www.apologies-abuses-past.org.uk and will be circulated via our various networks assessment of the views of victims, apologisers, or the general public. In recent and twitter accounts. decades, states, armed groups, churches and large corporations have all apologised We hope that you enjoy reading this report and encourage you to disseminate it for past wrongs, albeit with mixed results. -
Module Title: Finance Theory
To Determine the Impact of How Risk Managers of Irish Financial and Non-Financial Institutions can Effectively Utilized Derivatives Contracts to Hedge Risk- („Risk Reduction‟) Dissertation submitted in part fulfilment of the requirements for the degree of M.Sc. in International Accounting and Finance @ Dublin Business School Adeniyi Adekoya 10131831 August 2015 Adeniyi Adekoya (10131831) Declaration I declare that this research is my original work and that it has never been presented to any institution or university for the award of Degree or Diploma. In addition, I have referenced correctly all literature and sources used in this work and this work is fully compliant with the Dublin Business School‟s academic honesty policy Signed: Adeniyi Adekoya Student No: (10131831) Date: 15th August 2015 Relevant word count: 25,000 approx. Supervisor Name: Mr. Enda Murphy 2 Adeniyi Adekoya (10131831) Acknowledgments Throughout this degree journey, I give all thanks to Almighty for sparing my life and my family members, blessing me with good health, peace of mind and strength to begin and complete this course. I am most grateful for all He has done for me. There are a number of people that I would like to acknowledge for their assistance and support to me. Perhaps, my profound gratitude goes to all and sundry who have assisted me in one way or the other in making this dissertation and, my Master‟s Degree in International Accounting and Finance a reality. Firstly, I wish to express sincere appreciation to my extremely inspiring, extraordinary and kind Supervisor, Enda Murphy, a Senior Lecturer at DBS for showing interest in this research work. -
02106 House of the Oireachtas Banking Inquiry Volume 1
TUARASCÁIL ón gComhchoiste Fiosrúcháin i dtaobh na Géarchéime Baincéireachta An tAcht um Thithe an Oireachtais (Fiosrúcháin, Pribhléidí agus Nósanna Imeachta), 2013 REPORT of the Joint Committee of Inquiry into the Banking Crisis Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act, 2013 Volume 1: Report Volume 2: Inquiry Framework Volume 3: Evidence January 2016 Finalised by the Joint Committee of Inquiry into the Banking Crisis on the 26 January 2016 and sent by the Chairman, on behalf of the Joint Committee, to the Clerks of both Houses of the Oireachtas, for circulation to the members of Dáil Éireann and Seanad Éireann in accordance with Standing Orders 107G and 103L of Dáil Éireann and Seanad Éireann respectively, to enable the tabling of motions in both Houses to order the publication of this Report pursuant to section 40(1) (a) of the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act, 2013. Table of Contents Introduction by the Chairman of the Joint Committee of Inquiry into the Banking Crisis 3 Findings and Recommendations 7 1. The Banks 19 2. The Role of External Auditors 69 3. The Property Sector 85 4. State Institutions 99 5. Government Policy and the Oireachtas 161 6. Preparation for the Crisis: July 2007 – 29 September 2008 197 7. The Guarantee 243 8. Post-Guarantee Developments 279 9. Establishment, Operation and Effectiveness of NAMA 311 10. Ireland and the Troika Programme 329 11. Burden Sharing 357 Appendix List 1. Inquiry Framework Overview 375 2. Members of the Joint Committee 377 3. Orders of Reference of the Joint Committee 379 4.