Results 15,861-15,880 of 37,025 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: Mr. Sibley has again mentioned interest rates. In his opening statement he talked about the concentration and the high level of defaults as contributing factors to high interest rates for SMEs.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: Does he see any ingredients out there that will result in an improvement? Are there any signs that we can expect interest rates to be reduced for SMEs and reduce them to a more normal level when compared with the rest of Europe? Are we, given the level of concentration and the dominance enjoyed by the three banks in terms of SMEs, sure that there is no competition here and that we are...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: It would be useful for this committee to focus more on the credit union sector and have Mr. Casey come before us again to go through some of this in more detail. Mr. Casey gave the impression that credit unions should just be lending and that there are no restrictions or regulations preventing that. Obviously, we as a committee know that there are such restrictions. We prepared a very...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: Would it require authorisation from the Central Bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: My question is whether it would require authorisation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: What I just put to the witnesses is on the record of the Dáil, in response to a question on credit unions and social housing. The Minister of State said that one of the credit union movements is ready, has gone through all of the processes and has money available. He also said that he could not be any clearer than that. The witnesses are telling us that the Central Bank has not been...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: Is it only that area that the Central Bank is looking at, namely, the five year and the ten-year rule? Is the Central Bank looking at the 15% as well, or will that remain in terms of the concentration of overall lending?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: One of the biggest criticisms I have in terms of the regulation of credit unions is that the Central Bank has not applied a tiered regulation, as a one-size-fits-all approach is not the solution. It was argued here a couple of years ago that we should take the current approach and then move to a more tiered system. Will we now take a tiered approach or will there be flexibility for...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: What about the timeframe? I know the consultation will happen within weeks but how long is it expected to be before decisions are taken and that we will see changes if they are introduced?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: I wish to comment on some of the specific credit union proposals. The Department has compiled a report on local public banking and what has become known as the Sparkasse model in the context of filling the gap that many have suggested exists. Do the witnesses support the concept of a Sparkasse model being introduced instead of credit unions filling the gap in respect of lending for SMEs? I...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: I appreciate that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: Some of that was addressed in the opening statements. I just wanted to get a handle on where the organisations stand. My party and I are long-time supporters of public banking. With the pillar banks not meeting the needs of certain sections of society, it would be a terrible crime if we missed the opportunity to deal with the issue of public banking, whether that means the credit unions...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: I am not underestimating the capacity of the credit union movement to change and adapt. Mr. Molan outlined clearly how that has happened and how credit unions have had to respond to the Credit Union and Co-Operation with Overseas Regulators Act 2012, as well as some of the advancements that have taken place. I am concerned about some of the shackles, as I have referred to them, or the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: I would like to get clarification on that because the information on the record from the Minister is that CUDA has been through all of the processes and that it is now able to invest in a special purpose vehicle set up by one of the approved housing bodies. That is our understanding. There is a special purpose vehicle, CUDA is approved to invest in it and the league is likely to be in a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: Yes, so-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: I know that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: I hear Mr. Johnson's point very clearly on the classification of the approved housing bodies and how that has potentially torpedoed what was on offer six years ago and should have happened many years ago. That is why I talk about the frustration about the length of time being taken. That was out of the hands of the credit union movement. Mr. Johnson mentioned that he thought the best...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: The only affordable housing scheme in the State at the moment is the Ballymun scheme. It has an arrangement with AIB as the credit unions cannot fund a co-operative.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: Is that the type of area CUDA would like to get into?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Local Public Banking: Discussion (23 Oct 2018)
Pearse Doherty: Yes.