Results 25,381-25,400 of 26,711 for speaker:John McGuinness
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: How do they act then having bought the portfolios from the bank and now owning 113,000 mortgages? They act as a bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: No, but they-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: No, but in terms of managing these mortgages.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: They are, therefore, appointing credit servicers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: They are only registered as owners because the mortgages have been sold and, therefore, they are registered as owners.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: That is little known.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: I know that it is, but my purpose in asking the question is to get the information out to people who do not understand the law fully and who are relying on the likes of me, somebody else or Mr. Honohan to interpret it. They take it then for their benefit and that is fair enough. I will say again that it is a breach of the law. It is necessary that people should be informed of this. That...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Can Mr. Honohan tell us about synthetic securitisation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Is that something that can be linked to hearsay evidence, whereby they say they are the legal owners?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Mr. Honohan has been here for quite some time now, but I just want to ask again about synthetic securitisation. That has just gone puff.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: I have one more question. All of this has to be accounted for. One would presume there are accountancy standards requiring reporting to the regulator on the position of the bank, including on whether it is secure in respect of the regulation. Have the EU accountancy standards changed or obliged us to do more?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: It is not the regulator.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Who is?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: The representative bodies who break down the understanding of the regulation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: We could go on about this for a long time. There will be a transcript of the meeting today.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: There is plenty of food for thought there. Is there anything further that Mr. Honohan would like to add?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: It must be contagious because I have seen it here.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: It has travelled fairly quickly. I appreciate Mr. Honohan's attendance. I am sorry for the delay I created. It certainly has been an experience to sit here and go through these matters with him. I encourage him, as Master of the High Court, to continue to highlight these issues for us. We will go back over the transcript and see what further work we can do on this. The final quotation...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: So the purchaser - the fund - is taking it for granted that the paperwork is legitimately held by the bank that gave the loan.