Results 6,861-6,880 of 26,897 for speaker:Richard Boyd Barrett
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: I thought it was a condition and that the European Commission requires this to happen.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: That is slightly semantic. I understand-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: I understand that and the constraints on them but from the point of view of the lay person, that is kind of semantic because, in reality, we will decide whether to pass legislation which is being put before the Dáil specifically for the purposes of transferring ICS to Bank of Ireland which then is required to sell it on.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: We have established it is highly likely or possible that would be attached to a mortgage book.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: It is that but I would go further. They should be informed that legislation pertaining to them and which could affect them in a very substantial way is now being discussed. They might have views. We just discussed whether it might be the case that Bank of Ireland would deal differently with mortgages than ICS or whether another third party purchaser might deal even more differently with...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: I accept that in many ways building societies have started to function like banks but that said, in ICS there might be a legacy in terms of how it deals with customers, which means it has a slightly different approach to dealing with customers than banks, which some might argue – perhaps not me - have a more hard-headed approach with mortgage holders. There are questions to which we...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: In other words, there might be an opportunity for stakeholders to-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: Do you mean now or later, Chairman?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: I will have to think about the response. I would make the point to the Department and whoever is listening - I hope the Minister is listening – that some effort should be made to alert the customers that legislation is being considered which could impact on their mortgages or deposits so that they might have an opportunity to come forward and make their views known. We do not even...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: The point has already been alluded to that it was a pity we did not get this deal or even ask for such a deal because the other side of the equation is that people did profit and are profiting from our distress and from purchasing our bonds at discounted rates and making the full whack on them because they knew we were going to pay every cent back at the point of redemption. The Government...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: I will not labour the point except to say that we are subject to conditionality still. There are all sorts of post-programme monitoring mechanisms.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: Is it correct to say that we are giving the money in anticipation of a profit we will make?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: The reason I ask the question is because, if for any reason Greece defaulted, is it the case that we would not get the money back? Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: To clarify, Ireland is putting in money now from the Central Fund, in anticipation of a profit we will make on the redemption of the bonds. If the bonds were not redeemed, for whatever reason, that is, were Greece to default, we would have given away the money and would not be getting it back. Am I correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: No, I fully get that, because we are not talking about the interest, which is a different matter that was discussed earlier. However, if the bonds were not redeemed, we would not get our money back. Am I correct? I ask just so members know. As it happens, I still believe we probably should do it because it is a benign thing to do but if members are passing or discussing legislation, they...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: The full amount, that is, the €160 million.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: No, I will mull over that response.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: Although not many members are present, would the committee-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: The legislation is being brought forward.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)
Richard Boyd Barrett: It is up to members to ring the alarm bells individually, as it were.