Results 2,061-2,080 of 49,836 for speaker:Stephen Donnelly

Written Answers — Department of Health: Substance Misuse (26 Feb 2014)

Stephen Donnelly: 228. To ask the Minister for Health if he will provide update on the national substance misuse strategy, with specific reference to any deliberations on the introduction of a minimum price of alcohol; and if he will make a statement on the matter. [9808/14]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: I thank Mr. Wallace, Mr. Richardson and Ms Nolan for attending the meeting. KPMG was auditor of INBS in the time running up its collapse and KPMG advised the Government that it would have to pay north of €5 billion into the building society. Mr. Wallace, in reference to himself and Mr. Richardson earlier, stated: "We have no experience selling loan books whatsoever." He has no...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: Specifically in this case not allowing mortgage holders to bid on their own mortgages.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: I am sorry to cut across Mr. Wallace. My question is about his suitability rather than the process. KPMG was the auditor of the Irish Nationwide Building Society and gave it a clean bill of health. Mr. Wallace has said he has no experience in selling loan books and he clearly has no elected mandate to look after the public interest. In the context of those three facts, does he believe it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: I thank Mr. Wallace. I come to the voluntary adherence to the CCMA. Mr. Wallace will be very familiar with the code of conduct on mortgage arrears, a copy of which I have here. I am sure he will be familiar with the sentence in Chapter 1 as follows: "Lenders are reminded that they are required to comply with this Code as a matter of law." At today's committee meeting we have learned that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: I appreciate that. I have just read back over part of the special liquidators' opening statement which stated: "We are satisfied that the voluntary nature of this arrangement strikes a fair balance between the interests of the mortgage holders as well as the interests of the creditors of IBRC." The creditor essentially is the State, the majority shareholder. Given the protections under law...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: Would Mr. Wallace be pleased if he were an Irish Nationwide Building Society mortgage holder?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: It is a different question. I am asking him that question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: I appreciate that. Would Mr. Wallace be satisfied if he were an Irish Nationwide Building Society mortgage holder?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: I wish to follow up on some of the questions Deputies have asked about it not being a binding agreement. Earlier, Mr. Wallace stated that it was his professional view that if it was a binding agreement it would lower the sale price. If bidders would lower their sales price if it was a binding agreement then they are de factonot serious about the voluntary agreement because they are lowering...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: It does. However, in the past hour Mr. Wallace told this committee that it is his professional view that if these bidders were asked to sign a binding agreement rather than a gentleman's spoken agreement, it would lower the sales price. Does he believe it is reasonable therefore to infer that they are not serious about the voluntary agreement if they are saying they will pay less if they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: Why? That is completely illogical.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: I thank Mr. Wallace. The special liquidators' opening statement stated:In this context it is important to note that the objective of the third party purchasers will be to make a financial return on their purchase. [We agree on that.] It is unlikely that this purpose could be achieved through actions which would make it more, rather than less, difficult for borrowers to comply with the terms...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: What if the special liquidators have not done a restructure?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: Why will the special liquidators not let the mortgage holders bid on their own mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: It would be possible to create an auction process whereby individual mortgage holders had the option to bid for their own loans at whatever discount might be offered to other people who ultimately will buy their loans. That is an eminently achievable auction process. Was any effort made to model that auction process?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: On the basis that many of the replies from the individual mortgage holders asked for the opportunity to bid on their own mortgage - the mortgage holders are in no way being allowed to do so - how exactly did the witnesses take the feedback into account in designing the process?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: Is there anything in the design of the existing process which reflects the express wishes of mortgage holders to bid for their own mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: I thank the witness. I will give an example of a gentleman who has been outside the gates of Leinster House and was keen to see the witnesses this afternoon. He owes €220,000 on his family home and is in arrears of €20,000. I assert that the non-performing loans - the example I give is one - could be sold for a discount of 50%. We do not know if that is the case and the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Stephen Donnelly: What do the witnesses say to the fact that they will sell his mortgage at a price he could afford to somebody else but not allow him bid?