Results 1,781-1,800 of 35,563 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Mr. Wickham stated that a text would emerge but that it would not be the full review. Is it fair to say that the full review will be issued later in 2025?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Yes, so other than the full revision. I want to ask about the triggering of the legislative mechanism. According to what we have heard, the full review will not be done until later in 2025. Does the legislation say it is on the back of a full review or is it on the basis of partial information but allows them to make a determination on issues such as foundations and pyrrhotite?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: On the Central Bank and how financial institutions carry the value of these homes on their balance sheets, and, indeed, the Department of Finance because it references the European Union (Consumer Mortgage Credit Agreements) Regulations 2016, which provide that lenders are required to carry the appropriate valuations and methodology to carry out those evaluations for immovable property and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Has the Central Bank sought assurances from the banks that they have done that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: If it the case that they are writing down the value of the property that underpins them then what happens to the status of the loan when repayments are being made in full, given that the value of the collateral has collapsed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Is it classified as a non-performing loan if the payments are made in full yet the failure of the property that underpins it has collapsed, possibly even to zero?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: It is still classified as performing but they will have to reserve additional capital for it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Just because of the valuation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Therefore, given the scale of this, when these homes are remediated and rebuilt then it is a big win for the banks because they will be able to release quite a bit of capital. Is that not the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Yes, and some of these properties may not have mortgages. Given the years during which we know this issue has materialised - and it is not an issue that goes back 40 or 50 years - which is the lifetime of a standard mortgage, is the Central Bank really satisfied that the entire banking system in this State is only, potentially, revaluing up to 300 homes when we know thousands of homes across...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Some banks have already done it. One bank, which I will not name, carried out an internal assessment. It looked at the mortgage penetration in certain geographic areas and has made calculations on that basis in terms of what type of exposure it has so there are methodologies for estimates. If one is waiting for the customer to tell the bank that his or her house has an issue in terms of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: I have finished my questions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: With respect, if the Chair wants to take a side he can go over there and we will put in another Chair. I am asking the official the question: when did he put out those minutes? Was it not the case the homeowners wanted those minutes released?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: GSI is overseeing the research programme.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: What total value will be made available at an earlier stage for professional fees? What is the cap?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: I am not asking for provisions. Have banks given the Central Bank assurances they have revalued the properties that have defective block in them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Defective Concrete Blocks: Discussion (Resumed) (8 May 2024)

Pearse Doherty: Even though it is a performing loan.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Select Committee (8 May 2024)

Pearse Doherty: I nominate Deputy Damien English.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: I thank the Minister. That is helpful. First of all, while we have the data in terms of GDP, what we do not have the data for is general Government balance out to 2030 or 2032. We do not have the data in terms of the Exchequer balance. We do not have any of the capital expenditure data from that period. I am sure the Irish Fiscal Advisory Council by now is sick, sore and tired of telling...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (Resumed) (8 May 2024)

Pearse Doherty: The projections we have are for 2026. We do not know about pillar 1 and pillar 2 but their impact, if implemented in 2026, is likely to involve a worse position for Ireland. The Exchequer deficit would increase and the general government balance would come down. We have the Minister's projections for 2026. Is it his view that we should borrow close to €2 billion to fund the future...