Results 14,781-14,800 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: Discussion (20 Oct 2016)

Kieran O'Donnell: The Bill will not establish a mechanism similar to that provided for under the insolvency legislation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: Can I ask the Minister and his officials a quick question?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: How many new mortgage lenders came to the market last year?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: The Minister said, "As the economy improves and as the banks stabilise and come back into profitability, borrowers will rightly feel that their mortgage and other loan rates should come down." In a normal situation I would agree with him. However, in a situation where Irish taxpayers and citizens have put billions of euro into the banks over the years and some taxpayer funds are still in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: Yes, I suppose shareholders, but more particularly in terms of the money that was invested. In many cases it would be the same people who have sought mortgages from the banks and are being fleeced in certain cases.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: Yes, but I did not want to lose time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: No, and I will finish on this point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: Specifically my question on mortgages.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: No, it was not. The point I made was straightforward. We are here today because the banks in certain cases are fleecing mortgage holders, many of whom are first-time buyers. My question squares the circle. How do we get a mechanism where banks do not charge a disproportionately high variable mortgage rate to boost their lack of profits in other areas yet maintain a balance in the market...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: Mr. Burgess will get the point in Doheny & Nesbitt. Does Mr. Burgess agree with the thrust of Deputy Michael McGrath's Bill?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: What does Mr. Burgess think about the likes of the Pepper Group? Pepper entered the market by buying up loans from distressed institutions. What are the prospects of mortgage holders coming into the Irish market in terms of providing proper competition?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: Correct. Pepper came here for a specific purpose at a specific time and I welcome the fact that it is providing mortgages. However, to have a proper, functioning, competitive mortgage market, what does Mr. Burgess see over the next two or three years?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: I was being the devil's advocate in this morning's argument, and said that while the Bill could control rates increasing, it could have an unintended consequence of stopping rates decreasing due to lack of entrants to the market.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: The legislation states that if the rate being charged by an individual financial institution is one third above the average rate, the Central Bank can move in and tell the lender it is charging a prohibitive rate. Say the average rate is 6% and a financial institution is charging-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: Well done. The Central Bank can then move in. If the average is kept high due to a lack of competition in the market, there could be an unintended consequence. If there were competition in the market, it would drive down the average rate and, even at a rate that is one third higher than average, the individual would be getting a better rate than if there were no competition in the market.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: What if the variable rate were reduced?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: Mr. Burgess's point is that if it is a trade off between allowing new competitors to come in or dealing with banks ripping off mortgage holders, the market is so small that we will not get a flood of competitors coming in. When it is a fine balance, Mr. Burgess feels it is a better decision to ensure the existing banks are charging appropriate rates.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Discussion (20 Oct 2016)

Kieran O'Donnell: Mr. Burgess is saying the Irish market is unattractive to competitors coming in.

Seanad: Order of Business (18 Oct 2016)

Kieran O'Donnell: Limerick.

Seanad: Order of Business (18 Oct 2016)

Kieran O'Donnell: I want to raise two items. Along with my colleague, Senator John O'Mahony, I wish to pay sympathy to the family of Anthony Foley. It has been a time of disbelief and shock for people in the Limerick and Clare area. Anthony Foley embodied everything that was good about Irish rugby and particularly Munster rugby. Looking back, he had something in common with Brian Ború. He was very...