Results 2,141-2,160 of 4,414 for speaker:Sean Barrett

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I am sorry for interrupting, Chairman. It was mentioned earlier that the banks would be paying for this. Have they shown any interest? Have any banks signed up yet?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: So we have four for Mr. Crone's scheme.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: The other problem - if I may include it, Chairman - is that in addition to banks going broke and costing us €64 billion, we have an unfortunate tradition of insurance companies doing exactly the same. These include ICI, PMPA, Quinn and now Setanta. Is there a danger in this - I am not referring to those present here - that an insurance industry that has not been well regulated could...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: One of the speakers mentioned the UK regulation, but I am sure all the visitors appreciate the concern that we in Ireland will have to get better at regulating insurance, given the problems we have had. The last one we discussed in the Seanad was Setanta which we thought was a Maltese company. There is still a possibility that there will be yet another levy here. Unfortunately for public...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: We were hoping earlier that the bank would pay - is that not right? - rather than be passed on to the mortgage holder.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I have a final question on uncertainty about insurance. The JLT document mentions FBD which had a stock exchange warning and a massive collapse of its share price in the last number of weeks. Genworth had similar problems on 7 November. It was reported that a credit rating firm cut the company to junk on concerns about its long-term care insurance business, but it included this one. That...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: Did Mr. Leddin take over some of the management?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I will not ask if Mr. Leddin formed any view of the rest of FBD. That would be a leading question. What about Genworth?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: On 6 November, Genworth’s share price plunged 38% and Standard & Poor’s downgraded the rating from BB+ to BBB- due to concerns with earnings volatility and overall risk position. Bailing out insurance companies is second in unpopularity only to doing the same for banks. The evidence from other countries such as Denmark and Canada supports the 20% mortgage deposit...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: Would a higher premium be required for the person putting down a deposit of 5% rather than 10%? Does the risk curve go up?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I welcome the visitors. I agree with what Senator Thomas Byrne and Deputy Pearse Doherty have said, that these visitors have played a huge role in formulating public policy on these issues. We had the insurers in this morning. As raised by some speakers, not only do we have a bank regulation problem in Ireland, we have an insurance regulation problem as well. We went through the list of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: In his paper, Mr. Burgess knocked €67,000 off a €300,000 house. Dr. Lyons has been making that point for a very long time. The real problem we are addressing here is that housing is far too expensive in Ireland. Our fathers or grandfathers could get a house for two and a half times their income. What is wrong with the Irish construction industry? I would like the witnesses...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: We went there on the horse tram.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I refer to the 24 regulation. Would that include development levies or is that another item on top of that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: Senator Hayden and I found out in the Seanad that of the first batch of NAMA ghost estates offered, 10% were accepted by local authorities. I think it has gone up to maybe 40%. If one put them on the market, what would it do to price and availability because they are going to deteriorate? They are in the wrong parts of the country but one can commute to Edgeworthstown or wherever.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I thank the witnesses.

Seanad: Order of Business (2 Dec 2014)

Sean Barrett: What is called the Dublin house price explosion of 42% in 18 months will create a property tax time bomb. I welcome reports that the Minister for Finance, Deputy Noonan, is considering linking the property tax to the consumer price index rather than to exploding house prices, which is not any indication of ability to pay the property tax. I am glad the Minister is addressing that. I welcome...

Seanad: Order of Business (3 Dec 2014)

Sean Barrett: I welcome the statement by a Government spokesman that it is looking into the future development of the property tax as a tax base. The fear would be that at next review the property tax would be 70% more expensive than now, which would be a serious problem in a period when there has been no increase in real incomes. I note the report on the ambulance service and the statement by the...

Seanad: Defamation (Amendment) Bill 2014: Second Stage (3 Dec 2014)

Sean Barrett: I welcome the Minister of the State to the House. It is an honour to second the Bill brought forward by Senator Crown. There are several distinguished debaters on the Government benches today and I look forward to a stimulating discussion on the right to free speech. Article 40.6.1° of the Constitution begins:The State guarantees liberty for the exercise of the following rights,...