Results 6,961-6,980 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: When it has reached the status of being unsecured, in both the PIA and bankruptcy situations.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: I will allow a matter of clarification from Deputy Pearse Doherty.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: Mr. Boucher can respond.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: No; I am bringing matters to a conclusion. I thank Mr. Boucher, Mr. McLoughlin, Mr. Mason and Mr. Farrell for coming before the committee. This has been an ongoing process and every time we have requested the bank to come before us since the target measures were put in place, it has done so. We appreciate the documentation provided to the committee, which arrived early so that we could...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Arrears Resolution Process: (Resumed) Bank of Ireland (10 Apr 2014)

Ciarán Lynch: With that said I will bring proceedings to an end. I thank Mr. Boucher, Mr. Mason, Mr. McLoughlin and Mr. Farrell for coming before the committee today. The discussion has been purposeful. We will be meeting with the Insolvency Service of Ireland and the Governor of the Central Bank later this month, at which time we will be drawing our recommendations, which we will be furnishing to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: We will proceed with No. 4 on the agenda today, a discussion with the Minister for Finance on the stability programme update for 2014. I remind members, witnesses and persons in the public gallery that mobile telephones must be switched off to avoid interference with the broadcasting of the meeting. I welcome the Minister, Deputy Michael Noonan, and his departmental officials - Mr. John...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: I propose to have a question and answer session followed by a final contribution wrap-up. The report issued by the Minister this afternoon is in draft form. The fiscal advisory council and this committee are engaged in the consultation process. Will the draft report be sent to other agencies and groups?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: This report will go to the Commission in the last week of April. This is an opportunity for the member states to lay out their budgetary positions for examination by other member states and to ensure that the type of deficit budgeting in the past does not happen in future. That is the purpose of the report.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: That brings me to my next question which is whether the Minister expects this country to receive country-specific recommendations in particular in the area of budgetary and fiscal matters?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: But the country-specific recommendations are more than a bit of advice. They come with a big stick.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: Does the Minister see them as not being overly prescriptive but rather more general?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: Could the Minister explain to the committee what the consequences are for failure to meet a country-specific recommendation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: Yes, but what are the rules of enforcement?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: It may well be the case that the tap could be turned off for a small member state but I have looked at some of the country-specific recommendations and there are very specific recommendations with regard to Germany, for instance, as to how it deals with imports and increases domestic consumption and how it addresses the trade imbalance that is currently in place. What kind of enforcement...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: What I am saying is that Germany has received country-specific recommendations.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: Given that it is a work in progress and that Ireland’s financial position is almost changing on a month-by-month basis – we saw at the end of March that Irish ten-year bonds were yielding 3.1% only last week but they are now down as far as 2.9%, which is the lowest they have been since 2004 – is it the case that later in the year there could be a review of what figures...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: Does Deputy McGrath wish to share his time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: I will let Deputy McGrath know when about six minutes have elapsed.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: Does the Senator need more time or does he want to move on to-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Irish Stability Programme Update: Minister for Finance (15 Apr 2014)

Ciarán Lynch: I just want to let the Deputy know the rules at this committee. The ten minutes are questions and answers. If he wants, the Minister will answer that question first and then I will be able to let him in again.