Results 6,521-6,540 of 7,777 for speaker:Joe Costello

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: So, a quarter of a billion euro was made available and all that has been drawn down to date, since 2012, is €3.35 million?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Yes, but a lot of work has been done in restructuring and winding up.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Would it be fair to say that, if 50% has been done, an estimate would be approximately the same again?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: I know I will not get an answer to my question, but could Mr. McVeigh put a round figure of three times what has been spent already? In other words, €10 million would be sufficient if 50% has already been restructured and that has cost €3.35 million. Would Mr. McVeigh agree with me that it is unlikely that more than another €10 million will have to be spent? It is a...

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: My point was, quite simply, that if we put a figure of €250 million - and that was seen to be a reasonable figure at the time - there could be an impact and a fear created abroad that there is much more wrong and much greater difficulties with the credit union movement than actually is the situation if, in fact, only a tiny fraction of that sum will be drawn down to restructure the...

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: What is the figure?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: The credit unions have their own savings protection scheme, which would also have been effective.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: I have full confidence in the credit union movement. It is extraordinarily important and I am sure members of the ReBo will come before the committee closer to the date. What will be done with that part of the €250 million that is not used? Will it be returned to the Exchequer?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: With regard to the resolution fund, there is a requirement on the credit unions and other financial institutions to make a contribution. Have these contributions been made?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Mr. McCarthy referred to a levy on the credit union of €5 million or €7 million. Is this figure levied each year?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: The other levies on the pillar banks have not yet commenced.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Will Mr. Hession provide a note on the issue to avoid it delaying us for too long at this point? The operation of the system appears to be rather complex.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: The figure does not relate to the restructuring fund.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: This is a levy on the industry.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: The message appears to be that while the credit unions are paying up, the banks are not paying up. Is that the case?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Have all the levy contributions been paid in full, as required by law?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Are there any subordinated bondholders in the credit union movement which may be seeking some return from the IBRC resolution? Is the credit union movement involved in any aspect of that process?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Are the credit unions on a par with the State?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: In that case, if a pot of money becomes available and does not cover the combined liabilities owed to the State and credit unions, is there a mechanism in place for divvying out this pot between the credit union movement and State?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: They are exactly equal.