Results 47,741-47,760 of 49,836 for speaker:Stephen Donnelly
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: I appreciate that but will Mr. Wallace answer the specific question I am asking?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Can I take it from Mr. Wallace's response that the liquidators have not been provided with an estimate of the difference in total sales value by letting the IBRC mortgage holders bid on their own mortgages?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: This is not a trick question. It is a very simple question. Have the liquidators not been provided with an estimated figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Does Mr. Wallace know whether PwC modelled both scenarios to come up with an estimate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Did one of those scenarios allow mortgage holders to bid for their own loans?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Was it modelled by PwC analytically?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Does Mr. Wallace know whether it was modelled by the firm?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: I have a question for Ms Nolan. She said the Government's position is that if the successful bidder does not adhere to the CCMA, the Government will legislate to force it to adhere to the CCMA. How will the Department know whether it has adhered to it?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Two loan books have been sold so far, relating to the GE money and the Bank of Scotland-Ireland loan books, to Pepper and an affiliate of Apollo. These have both said they will adhere voluntarily to the CCMA and I hope they are doing so. Is there any oversight of that and has any data come into the Department on their adherence to the CCMA?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: I have a question regarding draft legislation. The GE book was sold to Pepper about two years ago, in April 2012. Therefore, this has been an issue for about two years and we have had unprotected mortgage holders in the country for that time. Has any draft legislation been prepared during the past two years as a result of this, such that the legislation could be brought forward quickly?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: So the GE is regulated?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Therefore, the Pepper book is still a regulated book.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: In regard to a voluntary agreement to abide by the CCMA, the trade says the sale is down to a two-horse race and I understand the liquidators cannot comment either way. The trade magazines are saying it is down to Oaktree Capital and Lone Star Funds. Oaktree Capital's own description of itself states it emphasises an opportunistic value-oriented and risk controlled approach to investment in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Have they confirmed that in writing by e-mail?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: The last thing I want to touch on is the PwC report. The committee asked for a redacted version of the report and the liquidators suggested that they would have to redact it so much that it would be meaningless. Will they leave that judgment to us and, as soon as possible after this meeting, send us the redacted version of the report so as to allow us decide whether it is meaningless to us?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Mr Wallace stated earlier that the report contains one proposed sales process.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: On the basis that many of the replies from the individual mortgage holders asked for the opportunity to bid on their own mortgage - the mortgage holders are in no way being allowed to do so - how exactly did the witnesses take the feedback into account in designing the process?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: Is there anything in the design of the existing process which reflects the express wishes of mortgage holders to bid for their own mortgages?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: I thank the witness. I will give an example of a gentleman who has been outside the gates of Leinster House and was keen to see the witnesses this afternoon. He owes €220,000 on his family home and is in arrears of €20,000. I assert that the non-performing loans - the example I give is one - could be sold for a discount of 50%. We do not know if that is the case and the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Stephen Donnelly: What do the witnesses say to the fact that they will sell his mortgage at a price he could afford to somebody else but not allow him bid?