Results 32,881-32,900 of 36,274 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: Sorry, it is €600,000.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: I thank the witnesses for their presentation, which was full of facts and figures. I appreciate how comprehensive it was. As I am restricted by time constraints I will begin my questions. A number of people have mentioned the super pensions being paid by the bank. As these are contractual pensions, the bank's ability is limited. The Parliament has seen this issue previously, when...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: Would the bank have any concern about such legislation deterring other individuals from being recruited? I assume that members of the bank are no longer entitled to these types of super pension.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: I know many of the bank's employees. They would welcome the imposition of such a levy on super pensions, as it would be viewed as equitable, particularly by those who are losing their jobs as a result of the downsizing. People who worked in the bank right up to the middle of the crash and who were a part of the excessive lending have walked away with golden parachutes. Regarding lending...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: To what period does the €600 million in new lending refer?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: New lending in the year to date is €600 million, but the target is €3.5 billion.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: I have AIB's 2010-11 SME lending plan. The target was €3 billion. The first paragraph reads: "In recognition of this, AIB is already providing considerable lending support to SMEs in both new lending and in the re-scheduling and restructuring of their existing borrowings". It does not state that rescheduling and restructuring form part of new lending. Indeed, they are not a part of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: We will be hit by time. The 2010-11 lending plan reads, "AIB is already providing considerable lending support to SMEs", but the key phrase is "in both new lending and in the re-scheduling and restructuring". In its plan, AIB clearly makes a distinction between new lending and restructuring. The bank's target is €3.5 billion in new lending.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: That is not what the plan states. The idea was that we would try to get money flowing into SMEs. The presentation, while good, puts forward the idea that the target has been surpassed and that €3 billion has flooded into SMEs. However, that is not the case. The majority of the €3 billion is the same money that the SMEs had, merely restructured. I will move on, as we will...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: As it has already been mentioned, I do not want to labour the issue of the possibility of the European Stability Mechanism, ESM, taking over shares in AIB. Mr. Duffy told a Deputy at this meeting that the bank was in discussions with potential investors with a view to a return of 8% to 12% on their investment. Is this what he hopes the bank can offer?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)
Pearse Doherty: If he believes that potential investors could make a return of 8% to 12% on their investment, he obviously has an idea of the value of the investment. If the AIB representatives are of the view that potential investors could have a return of 8% to 12% on their investment, they have a view on the value of the investment. If an investor invests €1 billion, perhaps 10% amounts to a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Pearse Doherty: To be clear, every year when the payment is made by the State to the IBRC, it will be transferred to pay down the ELA liability. I just want to be clear about this to make sure there is no retention of some of it and that all of it is transferred to write down the ELA liability which is written down by a corresponding amount.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Pearse Doherty: Based on the figure of €25 billion required from the State to the IBRC and the timeframe for paying it - capital plus interest minus the ELA that must be paid to the Central Bank - the interest is in respect of the period to 2020. If things run as normal, when the last €3.1 billion is transferred on 31 March 2020, the IBRC will have paid off all of the ELA liability and met all...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Pearse Doherty: Will Mr. Bradley explain that again?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Pearse Doherty: And an ELA liability.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Pearse Doherty: Of course. It is based on the premise that the IBRC's loan book will have been sold off and wound down at that stage and that the IBRC will have nothing left by 2020 in terms of the ELA liability and the promissory note. If the figure of €25 billion is correct, 2020 will be the point at which this should have been achieved and the bank could be closed down.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Pearse Doherty: Will Mr. Bradley tell the committee the total payment to be made in March, including the Government bond?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Pearse Doherty: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Pearse Doherty: In respect of its purchase by Bank of Ireland, does the agreement stipulate that it will only hold it for one year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Pearse Doherty: It is a payment of €3.1 billion on 31 March, with another payment of €3.3 billion in June 2013?