Results 5,761-5,780 of 26,032 for speaker:Kieran O'Donnell

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: What is Revenue's broad view on it?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: They would have issues at their end in terms of debits coming in.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: Is Revenue conscious of the fact that from a cashflow viewpoint many businesses are working off debits in terms of payments?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: The other issue coming up in business is that creeping into the cycle is the number of days' credit being taken by many companies, particularly the larger companies, with SMEs is increasing. A number of SMEs have told me that the days of credit they must give are increasing from 30 to 60 or 90 days. That is a major factor that must be borne in mind.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: I welcome the delegation. It has been made a condition that any bidder must honour restructuring arrangements already agreed. If it were made a condition of sale that they must comply legally with the code of conduct for mortgage holders, what would be the difference in value?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: The par value of the loans is €1.8 billion, amounting to 8% of the overall loan book.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Of that, fewer than 1% of those loans are tracker mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Any bidder will not be getting too many tracker loans, which makes this an attractive loan book. Would the liquidators consider asking the bidders for a bid in respect of where the code of conduct would apply and one where it would not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Why not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Yet the liquidators valued those loans. Is the independent value above or below the book value or the estimated realisable value at the time of the liquidation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Is it above or below?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: The book value of the loans is €13 billion while the estimated realisable value is the same figure. Is the independent value above or below what the former directors valued it in the statement of affairs?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: The borrowers have to stick to the terms and conditions of their loans. However, the liquidators are selling off a loan book where the purchasers will not have to apply the code of conduct legally. As all the bidders have agreed voluntarily to abide by the code, will the liquidators ask them to bid on the basis that they will legally comply with the code?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Will Mr. Wallace give me a reason? It is only 8% of the loan book; 99% of the loans are variable rate, and it is a vulnerable group. Yet the liquidators are telling me they have no legal protection.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: I would like the witnesses to clarify a number of points, the first of which relates to the inclusion in the bid of a provision suggesting that a legal commitment would be provided on the code of conduct. The Minister stated that he would legislate if the buyer did not abide by the code of conduct once the sale had been completed. A voluntary understanding has been reached with the bidders,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Did Ms Nolan not indicate that the two of the bidders were regulated institutions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Did Ms Nolan not make reference to two of them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: I thank Ms Nolan for the clarification. If the bids are allowed to proceed without a legal commitment in respect of the code of conduct and the Minister subsequently introduces legislation to require adherence to the code of conduct, could the bidders sue the liquidator of IBRC? The bidders have opted into the voluntary code of conduct and are aware that the Minister will introduce...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: This is not a normal liquidation because taxpayers effectively own IBRC. The price is clearly factored into the voluntary commitments. If the liquidators allow bids to be made on the basis that they will be required to comply with the code of conduct, they will flush out individuals who are seeking to flip the loans on rather than comply with the code of conduct. Would it not be best...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: How much of the IBRC loan book, in terms of value, does Mr. Wallace expect to be moved to NAMA? On what date was the independent valuation conducted? What does Mr. Wallace anticipate will be the return to the taxpayer from the sale, or will the IBRC liquidation impose a cost on taxpayers? What are the current projections?