Results 581-600 of 1,974 for speaker:Arthur Spring
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: It is quite a simple question. Was Mr. Richie Boucher on the board?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: The point in time that led to the collapse of 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)
Arthur Spring: How is the bank now worth €3.6 billion?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: Does Mr. Considine agree that it is based on the cashflow, especially of mortgages in negative equity on which people will pay a margin over 25 or 30 years? To me, that is an injustice. This is one of the issues I would like the witnesses to stand up for. There should be a moratorium on any form of profit-making on those mortgages lent out between 2002 and 2007. We must be aware that for...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: We acknowledge that, but ultimately that does not do anything for those who are over burdened by imprudent lending.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: I can give examples of people in arrears that show the reality of a generation that is not being dealt with by the upper echelons of the banks. The sale of the Bank of Ireland and the other banks is of key importance. Funding for the banks will determine where it can be sold. The IMF made a recommendation that the banks should use the vehicle of the ESM. Are the witnesses of the opinion...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: Would Mr. Considine not be in a position to influence how that will play out?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: As a public interest director, does Mr. Considine not have a capacity to determine where the 15% equity is pushed?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: Is Mr. Considine not our representative on the board 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)
Arthur Spring: The public interest. Mr. Considine was appointed by the Department of Finance as a public interest director.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: I am not sure of the purpose of a public interest director on the board of the Bank of Ireland if he or she cannot communicate the best strategy for the bank from the perspective of the public interest.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: Mr. Considine represents the Government, as it appointed him to the board.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: May I now ask Mr. Walsh about his relationship with Mr. Boucher? What is his perception of the ethos of Bank of Ireland under the stewardship of Mr. Boucher? Is Mr. Walsh comfortable that he is doing the right things by the country and by the bank? Following Mr. Boucher's attendance at this joint committee, I sent a letter to the Minister for Finance asking him to withdraw his support for...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: With all due respect, the performance of the bank is assessed on the balance sheet. The public interest is not decided by the balance sheet. The people have bailed out the banks and given them a life line but there does not seem to be an equitable approach to dealing with people who are bearing the brunt of bad banking. In any other form of business, an entity with the debts of Bank of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: And the journalists.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: Some of us were superheroes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: In the interest of further transparency, I believe the Clerk to the Committee wishes me to acknowledge a relationship. Mr. Dick Spring is my uncle and we are currently talking to each other, and I hope we will be talking after this meeting. In a spirit of fairness, I am putting the same questions to them as I put earlier to the witnesses from Bank of Ireland. The resale of the bank will...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: Does that mean the preference would be to go to the private markets to get the bank into a position to repay the State?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: To that end, in relation to the market value of the bank, the market value will be determined by the loans that exist, particularly the mortgage loans that exist. Built into the loans that have been given for 30, 35 and 40 years is a margin and the margin will be disposable income of my generation more than, with all due respect, the generation of Dr. Somers. I am not of the belief that any...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Arthur Spring: The point is that there was never the level of arrears or stressed mortgages in Dr. Somers's generation as there is at present. That is the acid test. My last question is in relation to the role of the witnesses as public interest directors. They ultimately have a responsibility to the shareholders. The point has been made that 48 staff of the senior management grade have stood down or...