Results 13,321-13,340 of 35,829 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: We all know that the tracker mortgage scandal was an evolving thing. While damage was done and decisions were taken, Mr. Masding tells us it was a systems error, but it is very hard to believe that all the banks all had a systems error at the same time. While the current management would not have been there at the time, everyone on this committee and the public know that the figures that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: The issue that affects me is Mr. Masding's suggestion that there is a new management team, that it is now customer-centric and so on. I do not have a short memory. I recall a case which occurred only a couple of years ago, when Mr. Masding was in charge. I recall it because I know the person concerned very well as she is a relative of mine. The bank sent her a letter, because she was...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Surely to God, in this day and age and at a time when AIB is offering fixed rates of ten years at just over 3% or so, Permanent TSB would say to these individuals that it is going to stop screwing them with a 9.1% interest rate, allow them to come off it and go onto one of the lower fixed rates, which is just 3% or 3.2%. There are five at 9.1%, but presumably there are many others who are at...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: What is the penalty for breaking that fixed rate? If somebody has a €200,000 mortgage, what would the penalty be for breaking their fixed rate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Would it still be more economically beneficial for somebody to break the rate and go onto a lower fixed rate?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: I would like to ask about the bank's commission scheme. Can Mr. Masding explain that to the committee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: What do staff have to push for the commission?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: If I go into a Permanent TSB branch, should I be aware that the person sitting across the desk from me is trying to push insurance or some other product on me and that he or she will be paid more if he or she makes a sale or is he or she just giving me the best financial advice?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: The person is not getting any commission for pushing products on me.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: I did not ask that question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Why not just pay the staff more appropriately, instead of telling them that if they push that product on customers they will get a certain amount of commission? There is obviously an incentive there for the staff to sell a product.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Maybe we will look for more information at a later stage in relation to that. In regard to the sale of Project Glas and Project Glenbeigh, €2.1 billion was the book value for Project Glas while it was €1.3 billion for Project Glenbeigh. What did the bank get for them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Some €900 million was received for that, or slightly below. What about the €2.1 billion in respect of Project Glas?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Some €1.3 billion was received for that. That is a €1.2 billion haircut on those two loan books to the vultures. Would that be correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: What would it look like if the bank passed on that to the customer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Yes, when we are looking at it from the bank's point of view. When we are looking at it from the customers' point of view, they owed the €1.2 billion. Instead of giving the vultures the €1.2 billion of a haircut, if the bank were to pass that on and restructure those accounts in a way that absorbed the €1.2 billion, how non-performing would those mortgage accounts be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Mr. Masding mentioned my legislation on no consent, no sale. I am glad he has brushed up on it. The Bill comes from the Central Bank's code of practice, introduced in 1991, to which no bank, including Permanent TSB, has ever adhered. It is voluntary. Mr. Masding said he shared the concerns of the European Central Bank in respect of the Bill. I have made it clear on numerous occasions...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: On the issue of access to the market, it has been quite interesting to see the tsunami of opinion, from bankers to academics to the Minister for Finance writing opinion pieces about this legislation. They continue to raise the issue of securitisation, which is exempt, as will be clarified. If this Bill just prevented clear loan sales to vulture funds, we have heard the Central Bank saying...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: The question was how concerned Mr. Masding would be if one of the vulture funds to which his bank has sold a customer account did that. They are entitled to state that the arrears should be paid within 30 days or that they would be left with no option but to appoint a receiver to the account. The loans are sold in the first instance because they are non-performing or restructured, so there...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB (9 Apr 2019)

Pearse Doherty: Yes. Going back to the securitisation issue, the Chair asked about Project Glenbeigh and the structure that was entered into there. It is a sale through a securitisation vehicle. Who came up with the concept of that vehicle? Was it Permanent TSB or other investors? Who developed it?