Results 22,341-22,360 of 35,959 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: The proposal originated from the registry. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: And the proposal was obviously a tiered approach which the Registrar of Credit Unions has decided to scrap and go with the blanket approach across the credit union sector. Can I put it to Ms McKiernan that, basically what she is telling the committee is that some credit unions may go into resolution in the next number years and there may be losses to members' funds if they have deposits...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: I have two questions and I will try to be brief. The registry previously stated that the credit unions would need up to €500 million, which, obviously, frightened members at the time. It turns out that only €20 million was required and has been drawn down. Does the registrar regret using that figure and how was it got so wrong? Does the registrar also believe that the money...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: Can I ask my final question?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: I got to ask two questions. I had to press the first question a number of times. I only asked who came up with the idea and it took approximately seven minutes to answer the question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: On the Central Bank's 10% of capital-to-total-asset requirement, can the registrar explain where the 10% comes from? What is the rationale for 10%? Why was it not set at a lower, or indeed higher, level? Where is the analysis in this regard? I understand that it has been said previously that the World Council of Credit Unions has been used as a reference point, in case Ms McKiernan wants...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: Is it risk weighted at all?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: That is what should happen in terms of regulation in financial institutions. It should be based on risk, not on the number of one's assets. If one looks at other products, mortgage lending has a risk weight of 50%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: I am all for very strong regulation of the financial industry but I have serious concerns over the fact that the regulation is not based on risk. We talked about the requirement for 10% capital in proportion to total assets. Do the witnesses accept that this is more than double what international peers have to carry? That is because it is not risk-weighted.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: The Registrar of Credit Unions is asking credit unions to carry a capital risk weight of 100% for investment in Government bonds when, by international standards, it should be down at 20%. My next question is on lending to small businesses. Ms McKiernan said that lending to small businesses has to be 50% of the total capital requirement. Given that the capital requirement has no...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: That time may have come. Surely not all of the 300 credit unions are going into ReBo. This crisis did not hit us just last month or last year. Surely the registrar knows that certain credit unions are sustainable, on a sound footing and with no questions over systemic risks, but measures are still in place which limit their potential and drive them into riskier lending. When will this...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: Can I ask a final question?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)

Pearse Doherty: It relates to the guidance that has been issued. When was the last time the registrar issued guidance on lending and credit risk management practices? The handbook does not cover these areas. Ms McKiernan has spoken of what the credit unions need to do but I want to ask what the Registrar of Credit Unions needs to do, and what the Central Bank needs to do.

Order of Business (15 Dec 2015)

Pearse Doherty: The Taoiseach might be aware that on 6 May a motion was discussed in the Seanad on the regulation of receivers. At that point the Minister stated on behalf of the Minister for Justice and Equality that in such circumstances the Minister believes it would be reasonable to put in place some rules and regulations governing their actions. Is legislation forthcoming in light of that commitment...

Order of Business (15 Dec 2015)

Pearse Doherty: -----the regulation of receivers in the now familiar model of regulation by a statutory agency. In his ruling he likened what was happening to the Maple Ten case with which we are all familiar. Will regulation be forthcoming in this Dáil on the regulation of receivers because we are seeing many borrowers being short changed as a result of their actions, as they are working hand in...

Written Answers — Department of An Taoiseach: Departmental Properties (15 Dec 2015)

Pearse Doherty: 78. To ask the Taoiseach the ground rents payable by his Department or agencies under his remit, by named property, by name of landlord and by amount payable, in 2015 and in 2016, in tabular form; and if he will make a statement on the matter. [45061/15]

Written Answers — Department of Social Protection: Departmental Expenditure (15 Dec 2015)

Pearse Doherty: 110. To ask the Tánaiste and Minister for Social Protection the ground rents payable by her Department or agencies under her remit, by named property, by name of landlord, by amount payable, in 2015 and in 2016, in tabular form; and if she will make a statement on the matter. [45060/15]

Written Answers — Department of Finance: Departmental Staff Data (15 Dec 2015)

Pearse Doherty: 149. To ask the Minister for Finance the number of vacancies that exist in his Department, by post, the time frame for each vacancy that has been unfilled; and if he will make a statement on the matter. [44960/15]

Written Answers — Department of Finance: Central Bank of Ireland Staff (15 Dec 2015)

Pearse Doherty: 150. To ask the Minister for Finance the number of vacancies that exist in the Central Bank of Ireland by post, the time frame for each vacancy that has been unfilled; and if he will make a statement on the matter. [44961/15]

Written Answers — Department of Finance: Departmental Bodies Expenditure (15 Dec 2015)

Pearse Doherty: 152. To ask the Minister for Finance the ground rents the Department or agencies under its remit will pay, by named property, by name of landlord and by amount payable in 2015 and in 2016 in tabular form; and if he will make a statement on the matter. [45055/15]