Results 13,621-13,640 of 26,053 for speaker:Kieran O'Donnell
- Seanad: Order of Business (26 Oct 2017)
Kieran O'Donnell: Someone has to put the real position on the record.
- Seanad: Order of Business (26 Oct 2017)
Kieran O'Donnell: I will finish. These 12,000 will be paid by the end of the year. Furthermore, by the end of the year we will know the full complement of people who are affected. We will then move on to ensure that whatever legislation or regulation is required, to ensure that banks can never rip off customers ever again. It is a three-pronged approach. People are entitled to get their money back. I do...
- Seanad: Order of Business (24 Oct 2017)
Kieran O'Donnell: I support Senator Horkan's proposal that there be a debate in this House on tracker mortgages. We need to expand that debate.Of the 13,000 people affected, 3,300 have been repaid to date, while a further 7,000 plus need to be repaid post-haste. We need to look not only at tracker mortgages but also at the wider impacted on group. We need to look at the mortgage interest rates being charged...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Can we pause the meeting because there is a lot of interference with the sound system?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Many of those 13,000 people are looking in here today. They want closure brought to the issue. Frankly, they will not believe there is an end in sight given what we have heard to date. As such, I want to go back over a couple of areas. Professor Lane spoke about the 2013 legislation. If a customer was on the wrong rate after 1 August 2013 - let us say it was September 2013 - is there an...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: That is even though the person is being charged at a specific moment in time.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: What about the consumer protection code that existed prior to 2013? Does the Central Bank have a legal entitlement to pursue the banks on that level?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: In dealing with the 13,000 cases that will be redressed does the Central Bank anticipate that it will have to compel the banks to have the compensation scheme in operation by the end of the year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: With due respect to Professor Lane, I have limited time and want to get to the heart of the issue which has been ongoing for two years. I really want to find out the answer to this question. What powers does the Central Bank need to ensure it can get the redress and compensation scheme under way for all of the banks by the end of the year? Ms Rowland has said the Central Bank has no...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: That is not what I am asking Professor Lane.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: I am asking Professor Lane what powers the Central Bank needs to ensure it will happen. It looks to me as though it is dealing with it as if it was the banks' problem, which it is, but it is also a problem with regulation. The Central Bank regulates the banks. Do the delegates realise the impact this issue has had on people's lives? If a person has a mortgage of €200,000, he or she...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: With due respect to Professor Lane, if a person has been on the incorrect interest rate since 1 August 2013, a wrong is being done. Surely, common law should enable us to right the wrong from the period when it arose.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: This could potentially be the biggest consumer scandal in the history of the State. It has echoes of the DIRT scandal when the banks had to be dragged kicking and screaming to deal with it. As Governor of the Central Bank and the regulator of the banks, the ordinary person puts trust and faith in Professor Lane to play these roles. Are there powers that need to be provided for the Central...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: With due respect, payments have commenced to one third of the 13,000 impacted on tracker mortgage holders and with only three of the 11 providers. Does Professor Lane regard it as satisfactory progress where he will now look for another eight mortgage providers to come to the table before the end of the year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: We will take it that the Central Bank will look to have the redress and compensation scheme up and running by the end of the year for the 13,000 cases identified. For the other cohort of impacted on customers, does the Central Bank have the powers, as regulator, to compel the banks to deal with them, even though they might claim they have not been impacted on?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: There is a contradiction.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: There is. Professor Lane is saying that if the Central Bank identifies a cohort of impacted on customers and the banks do not agree, the only recourse is to tell them to write to the individual customers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: I understand that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: No, in the limited time available, does the Central Bank have the power to dictate to the banks on the other cohort? Some claim that it could involve up to 30,000 cases, which means that there could be an extra 10,000 or more cases on the existing 13,000. Does the Central Bank have the power to tell the banks to deal with that group of customers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: When will the Central Bank insist on the banks writing to the customers who have been impacted on?