Results 24,621-24,640 of 27,080 for speaker:Richard Boyd Barrett

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: I like Mr. Honohan's more succinct summary, where he asked "is there ever a 'valid' reason for super normal profits"? These people are carpetbaggers or vultures whose objective is super profits. Is one way to minimise the amount of profit they are allowed to legally make? Can Mr. Honohan talk a little about how much profit they are making? I am not an expert on all this, by any means, and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Yes. Can the investor chase the full value?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Yes, I get that. What is the answer? It is a disaster for the poor borrowers who are trying to deal and get forbearance. Do we stop the secondary market? Do we stop these vultures outright from being to buy?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: I agree with that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Is that not about driving these vultures out effectively? It is our pillar banks with which we have some flipping relationship.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Whatever language Mr. Honohan wants to put on it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Namely, forbearance. Is that Mr. Honohan's point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Or if they are screwing the person for excessive interest rates.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Does the directive help in this regard? The issue is that the Government needs to ensure that-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Forbearance.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Again, I apologise to Mr. Honohan if he has gone through this already. Is he concerned that the Government is not going to properly enforce that obligation to offer forbearance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Again, for the idiot's guide - as it were - how is the Government proposing to proceed with that soft law? Is it in the way it will be transposed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: So our committee needs to recommend that it is legislated for. Is this what Mr. Honohan is saying?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Right.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: This relates to the earlier discussion about the asset not moving but the-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: As clear as mud, but I get it. To return to my original point on profits, does Mr. Honohan believe there is any value in trying to limit or cap the funds' profits? I put that question if view of Mr. Honohan asking if there was ever any valid reason for them to make super-profits?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: Yes, although in my experience there is often scope for creative accounting of all sorts-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)

Richard Boyd Barrett: No. Is Mr. Honohan saying that never happens?