Results 2,081-2,100 of 49,836 for speaker:Stephen Donnelly

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

Stephen Donnelly: May I have a final comment? If there is time we can revisit the PwC report in the next round. I appreciate the Chairman's indulgence. Mr. Wallace is in a very tough position and in the same way I believe the liquidators are hanging 13,000 Irish families out to dry, the Minister, Deputy Noonan, conspicuous by his absence, is hanging the liquidators out to dry. They are not helping...

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

Stephen Donnelly: I have a question for Ms Nolan. She said the Government's position is that if the successful bidder does not adhere to the CCMA, the Government will legislate to force it to adhere to the CCMA. How will the Department know whether it has adhered to it?

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

Stephen Donnelly: Two loan books have been sold so far, relating to the GE money and the Bank of Scotland-Ireland loan books, to Pepper and an affiliate of Apollo. These have both said they will adhere voluntarily to the CCMA and I hope they are doing so. Is there any oversight of that and has any data come into the Department on their adherence to the CCMA?

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

Stephen Donnelly: I have a question regarding draft legislation. The GE book was sold to Pepper about two years ago, in April 2012. Therefore, this has been an issue for about two years and we have had unprotected mortgage holders in the country for that time. Has any draft legislation been prepared during the past two years as a result of this, such that the legislation could be brought forward quickly?

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

Stephen Donnelly: So the GE is regulated?

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

Stephen Donnelly: Therefore, the Pepper book is still a regulated book.

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

Stephen Donnelly: In regard to a voluntary agreement to abide by the CCMA, the trade says the sale is down to a two-horse race and I understand the liquidators cannot comment either way. The trade magazines are saying it is down to Oaktree Capital and Lone Star Funds. Oaktree Capital's own description of itself states it emphasises an opportunistic value-oriented and risk controlled approach to investment in...

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

Stephen Donnelly: Have they confirmed that in writing by e-mail?

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

Stephen Donnelly: The last thing I want to touch on is the PwC report. The committee asked for a redacted version of the report and the liquidators suggested that they would have to redact it so much that it would be meaningless. Will they leave that judgment to us and, as soon as possible after this meeting, send us the redacted version of the report so as to allow us decide whether it is meaningless to us?

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

Stephen Donnelly: Mr Wallace stated earlier that the report contains one proposed sales process.

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

Stephen Donnelly: Did it compare options?

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

Stephen Donnelly: Did it allude to the mortgage holders being allowed to bid for their own loans?

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

Stephen Donnelly: Did the report analyse that option versus the recommended option?

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

Stephen Donnelly: Did it provide an estimated euro amount difference in the total sales value? I am referring specifically to a process which would allow IBRC mortgage holders to bid. Within that context, did it do everything to get the best sales value and the option Mr. Wallace has chosen to go with?

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

Stephen Donnelly: Is it possible that whatever the difference between the two, it would be more than compensated for in terms of Exchequer returns by benefits to the families themselves and, therefore, to be extended economy?

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

Stephen Donnelly: I appreciate that and I appreciate that Mr. Wallace is in a difficult position. Moreover, I appreciate that some of his legal obligations may be entirely contrary to what he would like to do as a citizen. I altogether accept that this may be the case, that he has a tough job and that he has come in for some harsh questioning. However, there are a great many men, women and children whose...

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

Stephen Donnelly: Are there orders of magnitude suggested in the difference? Let us suppose there are two scenarios, the scenario which the liquidators are going with and the scenario which I am keen to have evaluated against what is happening, that is to say, a scenario whereby the mortgage holders in some way get to bid. Has any indication been given to the liquidators on the estimated difference in total...

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

Stephen Donnelly: That may be the case for the liquidators. However, from our perspective, as legislators, it is a completely different issue. Let us consider the example provided by Mr. Wallace in which the difference was €1 million. I realise that is not the case. Let us suppose PwC did the analysis - I do not believe the firm has done it - and it came out that the difference was €1...

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

Stephen Donnelly: That is fine. Has any number been provided to quantify the estimated difference in sales price by letting the mortgage holders 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 appreciate that but will Mr. Wallace answer the specific question I am asking?