Results 5,361-5,380 of 16,492 for speaker:Ciarán Lynch

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: The US Senate committee carried out its inquiry for American interests and the House of Commons report most certainly carried out its investigations for British interests. That may also be the case with this Irish committee, although given some of the remarks he might have heard here, Mr. Saint-Amans might not guess it is being carried out in Irish interests. To take one point, the American...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: In her 2006 study, Lundan suggested that 40% of US foreign direct investment in Europe is taking place through deferred taxes that are not paid in the US. It has also been suggested that the cost of funds to finance overseas investments is actually a corporate structure designed by the US that allows companies to invest money overseas by having their tax deferred. If such a company loses...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: The parliamentary finance committees of various nation states carry out investigations for their own reasons. Mr. Saint-Amans and I are of the same opinion that the US deferral system can be interpreted as an interest-free loan for an indefinite period of time. My understanding of European law is that it is not possible for a nation state in Europe to do this because of competition law, but...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: My recollection of the Senate report is that it had nothing to say about US deferral of taxation. It had much to say about Ireland but little to say about getting its own house and affairs in order. Is that correct?

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: That is my interpretation and Mr. Saint-Amans might correspond with me after the meeting on the matter. I would hate to be incorrect, but as far as I know, I am not. If I am incorrect, I ask Mr. Saint-Amans to let me know.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: Before I call Deputy Donnelly I wish to remind the committee that we are due to conclude at 3 p.m. When Mr. Saint-Amans answers the Deputy's last question I will allow a question from some other members and time for a composite response. I will allow questions, not comment. If members make comments then I will have to cut them off.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: I will not allow comments to be made.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: The Deputy is making a statement. I will only allow a question.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Global Taxation Architecture: Discussion with Director of the OECD Centre for Tax Policy and Administration (23 Jul 2013)

Ciarán Lynch: We will be very punctual and will finish at 3 p.m. I thank Mr. Saint-Amans for attending this afternoon and for his detailed and comprehensive presentation and responses. The OECD report was published last Friday and was perfectly timed. I thank him for making himself available to the committee so soon after its publication and being able to discuss it in detail. Today's meeting is the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: We now move on to No. 6 on today's agenda, which is an overview of the financial sector, Allied Irish Banks. I welcome Mr. David Duffy, chief executive officer with Allied Irish Banks. Mr. Duffy is accompanied by Mr. Bernard Byrne, director of personal and banking business, Mr. Myles O'Grady, acting chief financial officer, and Mr. Brendan O'Connor, head of financial solutions group. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: I thank Mr. Duffy. I will begin by referring to the Central Bank's report of 23 August which indicates that the banks are moving away from short-term, temporary treatments to offering more long-term, sustainable solutions. In its report the Central Bank gives two sets of figures on pages 4 and 5. One is a pie chart, while the other is a list of figures. It states that at the time the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Does that involve somebody not having to go through the insolvency process before AIB will consider that level of debt write-down?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: In those circumstances have people remained in their homes or were the debts written down after repossession took place?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: In regard to the three years of arrears, is the figure based on three years in days or three years in terms of the sum of money somebody would accrue after three years in arrears?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: It is days not the sum of money.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Somebody could accumulate those arrears over six years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: We are running out of time and I need to ask more questions. Mr. Duffy can go into the finer detail of some of these matters later. As the bank moves towards that resolution process, two difficulties will arise the first of which is what becomes a sustainable solution as opposed to a sustainable mortgage. The perception is that a sustainable solution is a mortgage issue that can be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: Therefore, there are situations where interest-only payments can be examined as a long-term, sustainable solution on a case by case basis on the basis that there are a number of factors in place.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: That answers my next question. The other issue is that there has been some communication with the Insolvency Service of Ireland and AIB. This follows an earlier discussion I had with Mr. Duffy and the Central Bank. As people are in resolution processes, it means their income is very structured for the foreseeable future. This means they have so much disposable income to deal with their...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with AIB (3 Sep 2013)

Ciarán Lynch: I am talking about someone on a fixed income. How does he or she deal with that type of financial emergency?