Results 3,981-4,000 of 36,066 for speaker:Pearse Doherty

Written Answers — Department of Health: Budget Targets (20 Dec 2012)

Pearse Doherty: To ask the Minister for Health if he will provide the underlying workings in support of the €160 million reduction in cost of drugs and other prescribed items in his Department budget for 2013; and if he will set out the way such savings estimates were validated by his Department. [57392/12]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: I welcome the witnesses to the committee. The people who talk to me across the constituency and in the country feel very hurt by the banks, in particular by Bank of Ireland. They see that people who are in distress with their mortgages are not getting the support in terms of debt relief from the bank. They see that the taxpayer has invested €5.7 billion in the bank, yet the bank has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: We will come to those points in a minute. I asked a specific question of both witnesses, as public servants in receipt of pensions in excess of €100,000 per annum, whether it is appropriate that in a four year period, Bank of Ireland paid a total of €600,000 in fees to both Mr. Walsh and Mr. Considine.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: Will Mr. Considine comment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: I must disagree strongly. I made this point yesterday, that this was a sweetheart deal. In 2008, the Minister decided to talk to the Opposition parties on public interest directors and they put forward nominees, but they had absolutely no strength, no mandate and no specific role outside what another director has. The Minister appointed four former politicians, from the Labour Party, the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: It is in compliance now, but for two years, while Mr. Walsh sat on the remuneration board, the bank was in complete breach. The Bank of Ireland paid more than €66 million in bonuses to employees in complete breach of the direction of the guarantee that was given to the Bank of Ireland. The State fined the bank €2 million as a result of breaching that agreement and it lied to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: It is not an accusation against an individual, I am saying the bank lied to the Minister for Finance. There was an investigation into it and a report was issued.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: The bank provided incorrect information. The bank deliberately misled the Minister for Finance. Whether that is Mr. Walsh's responsibility or not is immaterial. The point is that he served on the remuneration committee for two years, while €66 million was paid in bonuses in breach of the agreement with the State. How did he stand over that? At any time during that period, did he...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: Mr. Walsh is before the committee as a public interest director of Bank of Ireland.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: I again ask Mr. Walsh if, at any point during the two years he was on the remuneration committee, he raised the issue of the €66 million of taxpayers' money which was being paid to employees of the banks in the form of bonuses? My time for questioning is limited and I would welcome a response to that question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: I am asking if Mr. Walsh raised the matter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: This is the last time I am going to put this question because I have questions to ask in relation to other issues. I will try to be as precise as possible. During the two year period when Mr. Walsh was on the remuneration committee, the bank paid out €66 million in bonuses to employees, which was in breach of an agreement of the State. The bank was fined €2 million for...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: Mr. Walsh has failed to answer the question. The question I asked was whether Mr. Walsh was aware during the two years he was on the remuneration committee that the bank was paying out bonuses, which was in breach of the agreement, and whether he raised that issue during that period. I have read the statement and know what was said therein. We need to move on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: In fairness, Mr. Considine was not on the remuneration committee. For that reason, I am directing my question to Mr. Walsh. The Bank of Ireland has increased interest rates in respect of cash advances on credit cards to 26%. Mr. Walsh will be aware that there is no interest holiday on cash advance fees. Do Mr. Walsh and Mr. Considine, as public interest directors, intend to object to this...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: Was the decision to sell Bank of Ireland Real Estate Investment Management to Kennedy Wilson a board decision and did the sale of Bank of Ireland's UK commercial loan portfolio to Kennedy Wilson arise during the discussions in 2011 in that regard? Was mention made of Kennedy Wilson becoming a future investor in the private investment consortium which invested in the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: Mr. Considine will be aware that the loans were sold to Kennedy Wilson, which was funded by Deutsche Bank, and that Deutsche Bank subsequently sold some of that business to Wilbur Ross, who is an investor in the bank. Questions arise as to whether the investment by the consortium was a deliberate asset stripping of Bank of Ireland. Are Mr. Walsh and Mr. Considine concerned that Mr. Ben...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: I have one final question on this issue.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: I appreciate that there are rules and procedures in place and that Mr. Considine is satisfied with them. To get to the crux of the issue, in this case which was the largest real estate portfolio acquisition completed in Europe in 2011, the head of the non-core division of Bank of Ireland, Mr. Ben Hoey, which was responsible for selling it to Kennedy Wilson is now the managing director of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: Privately, it was not sold on the open market.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)

Pearse Doherty: I welcome our guests to the committee. In response to the Chairman's questions, Mr. Spring talked about the time involved in taking up the position as a public interest director. He estimated that would be 40 days and then indicated to the bank that he would be available for 60 days. Is that a figure for days attending meetings or is there other work involved?