Results 14,541-14,560 of 26,053 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: I am talking about prudential regulation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Is that into less regulation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Typically, how often is the Central Bank in with the larger banks? Is it on premises at all times?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: With what has traditionally been regarded as sub-prime but in respect of which there is a slightly different incarnation now, how often is the Central Bank in there?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: What does "thematic" mean?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: With respect, the Central Bank does not have the teeth to enforce those codes against a vulture fund. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: If policy, lending practice and interest rates are dictated to the intermediary managing the loans on behalf of the vulture fund and an issue arises, the Central Bank can deal with the representative or agency in Ireland but cannot enforce any of the codes against the vulture fund.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: That puts the lender, be it a mortgage holder, home owner or small or medium enterprise, in the lap of the Gods, depending on to whom the loan is sold. This area also appears to be unregulated. If a loan is sold to a vulture fund and it decides to flip it on to another vulture fund, my understanding is that the Central Bank has no part to play in that process. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Are there any other jurisdictions in which a central bank is able to regulate vulture funds outside the jurisdiction?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: I welcome the witnesses from Office of the Revenue Commissioners and thank them for appearing before us. I am based in Limerick where many farmers who supply to Kerry Co-operative received these letters out of the blue. The first patronage shares were issued back in 1997, 19 years ago. Yet, the issue has just come out of the blue. The question now is, why? I wish to raise a number of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: The Revenue did seek it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: The letter refers to enabling the taxpayer to avail of the opportunity to make such a disclosure and calls on him to respond to with his computation of the taxable amount together with the appropriate payment.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: Do the officials accept that the Revenue was looking for payment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: I have limited time. What I want to know is simple. Will the Revenue extend the time period to 60 days?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: No, I am sorry. I am looking for 60 days based on the aspect query. The Revenue is looking for people to come back in 21 days. I believe the period should be extended on the grounds of fair play. This is not about one individual. Approximately 400 suppliers are involved and it potentially extends to other suppliers. This matter requires a test case to be heard. For the sake of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: Does that apply under the aspect query?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: If someone writes to Revenue now and looks for an extension of 60 days to come back under the aspect query, the Revenue will accept it. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: Will Revenue suspend interest and penalties in that period?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: Will the Revenue allow a test case to be heard in that 60 days? That is a practical measure. It would allow farmers time to view the test case. It would allow farmers to know the outcome of the test case by the time they have to respond. It is a question of fair play.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners. (7 Dec 2016)

Kieran O'Donnell: With due respect, fair play is not being adhered to on the basis of the letter. Mr. Phelan has agreed to the 60 days. I respect that and I believe it will make a difference. However, the Revenue must allow that the period must go hand-in-hand with a test case being heard. Then, if a test case is heard and goes beyond 60 days, on the grounds of fair play that 60 days should be extended...