Results 20,041-20,060 of 32,999 for speaker:Paschal Donohoe

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: When I am in front of the committee, while we do differ on matters, sometimes vigorously, I do give as much information as I can and I believe other witnesses before the committee should do the same.

Other Questions: Banking Operations (27 Mar 2018)

Paschal Donohoe: I have outlined to Permanent TSB the views that I have shared with the House this afternoon, namely, that I understand that they are subject to a requirement from the regulator to reduce their non-performing loans. They took me through the circumstances that their bank faces, much of which I was aware of. I described to them the process that is open to me and the point at which I would be...

Other Questions: Banking Operations (27 Mar 2018)

Paschal Donohoe: The code of conduct is currently being reviewed by the Central Bank. Under the powers available to me under the Central Bank Act, I asked that it conduct a review regarding the operation and effectiveness of the code of conduct as it currently stands. I am aware of potential change that could happen in the future and I want to make sure we are striking the right balance between our...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: I am well aware of the concerns on this matter. In responding to questions I try to show that we also have to get to a place where the level of non-performing loans that Irish banks have is reduced. There have been several years of economic growth in our economy. People have returned to work, in no small part due to the decisions made by the Government of which the Deputy was a member....

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: Customers and citizens have been making agreements with many banks to help get through the grave difficulty in which they were and still are. The Deputy refers to structures. I can mention the personal insolvency legislation and organisations such as Abhaile, all of which have contributed to a massive reduction in mortgage arrears over recent years, for 16 or 17 consecutive quarters. That...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: As the Deputy will be aware, the definition of what constitutes an NPL is not determined by me but rather by the relevant accounting standards and regulatory bodies, including the Single Supervisory Mechanism, SSM, and the European Banking Authority. As the question specifically relates to the treatment of restructured loans, I shall repeat the context I provided in respect of this matter...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: It is appalling that anybody who is dealing a family facing such pressures would seek to treat domiciliary care allowance and its payment in the same way as they would other income streams into the home. I am aware that access to that payment is based on severe need. I also know, from ample experience, that the payment is used to help families get by in supporting loved ones that have great...

Other Questions: Mortgage Book Sales (27 Mar 2018)

Paschal Donohoe: Several points have been put to me. First, I am aware of the differing testimonies given by both banks in recent weeks. While there is no need to do so, we will, of course, look at the transcripts. We were aware of what was said during the questions put to the banks by members of the joint committee. I am aware of how this matter was handled by the different banks. I have outlined what we...

Ceisteanna - Questions (Resumed) - Priority Questions: NAMA Operations (27 Mar 2018)

Paschal Donohoe: I completely reject the inference by the Deputy that what it is doing is in any way criminal or nearly criminal. The Deputy might have a different view on the matter but NAMA's current policy on the management of emails is consistent with its obligations under freedom of information legislation and with regard to best practice on how these records can be filed and for how long they should be...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (27 Mar 2018)

Paschal Donohoe: As I have already indicated, I am not in a position to use the requirement for the banks to consult with me in order to block a sale of this type. As I have already stressed, I am aware of the concerns of mortgage holders in respect of these potential sales and I have committed to a number of actions. I have committed to working with Deputy Michael McGrath on his Bill to regulate funds and...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (27 Mar 2018)

Paschal Donohoe: I find it ironic that the Deputy is asking me to not answer questions that he has not put to me given the question he put to me is different to the one he shared with me in written format and which I answered. I have already indicated that I am not in a position to direct the bank not to go ahead with loan book sales.

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (27 Mar 2018)

Paschal Donohoe: I want to put it on the record that I am not party to and do not support any attempts to demean people who have been making efforts to pay their mortgages. It is difficult and stressful for anybody, regardless of his or her circumstances, who experiences problems in the context of his or her mortgage. It is in response to this that we put in place Abhaile, the code of conduct on mortgage...

Ceisteanna - Questions (Resumed) - Priority Questions: NAMA Operations (27 Mar 2018)

Paschal Donohoe: It is important to clarify that any suggestion that NAMA deletes all emails of staff members one year after departure is not correct. I am advised that, as a first step, NAMA ensures that all emails of business or long-term value are retained in the appropriate repositories. Only when managers are assured that such records have been retained and stored can they authorise the deletion of...

Ceisteanna - Questions (Resumed) - Priority Questions: NAMA Operations (27 Mar 2018)

Paschal Donohoe: The Deputy asked two specific questions - on the commission of inquiry and on the role of An Garda Síochána in respect of NAMA - to which I do not have answers. However, I will make inquiries and revert to him with replies. When the Deputy initially raised this matter with me a number of months ago, my Department and I inquired into the policy in this area and I have shared the...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Paschal Donohoe: As the Deputy is aware, the Central Bank of Ireland is responsible for the regulation of the financial services sector. I can confirm that while the Central Bank cannot generally comment on interactions with regulated firms, Ulster Bank Ireland is engaging with the Central Bank in regard to Global Restructuring Group. In November 2016, Royal Bank of Scotland announced a complaints process...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Paschal Donohoe: I am aware of the report to which the Deputy has referred. I have outlined the fact that while I cannot ever go into details regarding the work of the Cental Bank and its interaction with regulated firms, this is a matter on which Ulster Bank and the Central Bank are now engaging. When I met representatives of Ulster Bank and its parent group, Royal Bank of Scotland, I indicated to them...

Ceisteanna - Questions (Resumed) - Priority Questions: Central Bank of Ireland Investigations (27 Mar 2018)

Paschal Donohoe: I appreciate and acknowledge that the Deputy respects the role of the Central Bank, and the work it does and is carrying out on a number of matters in respect of the Irish banking system. I am aware, as I indicated to the Deputy a moment ago, of the report he used to provide a backdrop to the question he put to me. At this stage, I can confirm that the Central Bank is engaged on this...

Ceisteanna - Questions (Resumed) - Priority Questions: Loan Books Purchasers (27 Mar 2018)

Paschal Donohoe: As part of their regular engagement with the banks in which the State has a shareholding, officials in my Department discuss a wide range of topics, including loan sales. I am answering the question the Deputy put to me in written format. What he has just said orally is different. For example, in the case of Project Glas, the recently announced project announced by Permanent TSB to sell a...

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: Corporation tax loss relief is provided for by section 396 of the Taxes Consolidation Act 1997. Loss relief for corporation tax is a long-standing feature of the Irish corporate tax system. It allows for losses incurred in the course of business to be accounted for when calculating a business's tax liabilities. This mechanism is a standard feature of corporation tax systems in all OECD...

Ceisteanna - Questions (Resumed) - Priority Questions: Corporation Tax Regime (27 Mar 2018)

Paschal Donohoe: I have other objectives I need to fulfil in respect of the Irish banking system. The State and the Irish taxpayer own a very large share of the banking system overall. I want to see the State get back that money. I also want to be in such a position that the dividends these banks have begun to pay the Irish taxpayer are maintained in the future. We also have in place a banking levy which...