Results 3,621-3,640 of 26,021 for speaker:Kieran O'Donnell

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: If somebody is appointed to a sensitive role, as was the case with Mr. Torpey, procedures should be put in place to prevent the individual going to a covered institution with the knowledge he or she gained in that role.

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: In respect of the bonuses to bankers, can we take it that no bonuses will be paid within banks during the period when the Irish taxpayer and State support covered institutions?

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: Including bonuses?

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: In respect of the mortgage issue, context is everything. I am linking into the mortgage issue. The context is that during the period from 2003 onwards, particularly from 2006 and 2007 onwards, ordinary people were given mortgages by banks that they could not afford. We have now found that many of them were in jobs that were unsustainable and built on a property bubble and the banks were...

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: This is against the backdrop that in a great many cases, mortgages were provided by banks which had become like betting shops. They gave out the betting token, which was the mortgage, and they became salesmen. The rank and file bankers who engaged in prudential lending were pushed aside and the salesmen took over. The problem here is that it is not good enough for banks to now come along...

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: This cannot be a licence for the banks to engage in wholesale repossessions. The banks did it in the United Kingdom in the early 1990s. Irish citizens have bailed out the banks to the tune of €64 billion. While we want to put people on a sustainable basis, we must remember that if people lose their homes, there will still be a charge on the State in certain circumstances. The Irish...

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: To keep people in the family home.

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: My point is that a 20 year mortgage might be sustainable over a 40 year period. That operates in the context of the State.

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: It is exactly the analogy I am using. The laws of finance apply whether one is referring to the State, a bank or an individual. Banks are extremely creative when the have to be. The fact that taxpayers' money has been invested means banks must be creative and proactive in considering measures for people who want to remain in their family homes. There will be occasions when people will...

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: Mr. Moran probably saw reports to the effect that the special liquidator of IBRC did not meet the staff representatives yesterday. It has now been appointed receiver of the Examiner group. If the Department interacts with the liquidator, can it ensure that the meeting takes place with the staff? How will the valuation process in respect of the loans in IBRC apply? Where do the...

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: Can Mr. Moran first conclude the point about the staff?

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: The Department will go back to the liquidator and the engagement will take place.

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: Does that mean going out to tender?

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: Will the valuation that is now being arrived at, and the work on which is due to commence soon, be agreed with NAMA?

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: Is Ms Nolan at liberty to say what will be the valuation methodology used in this process?

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: Does Ms Nolan think that IBRC has made sufficient provisions in the sense that the values currently booked in IBRC's accounts will reflect the independent valuations?

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: What was the date of that valuation of IBRC's accounts?

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: Was that December 2012?

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: In other words it was based on up to date figures.

Public Accounts Committee: 2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions (7 Mar 2013)

Kieran O'Donnell: Would the auditors have done interim audits, such as rolling audits?