Results 7,141-7,160 of 26,208 for speaker:Kieran O'Donnell
- Social Welfare Bill 2014: Second Stage (Resumed) (13 Nov 2014)
Kieran O'Donnell: I will concentrate in the limited time available on two issues that need reform. The first issue is in the area of jobseeker's benefit for the self-employed. It is something I feel strongly about. I was self-employed before I went into politics. We need to have parity of treatment. If the business of someone who is self-employed fails, it is a traumatic time. In that situation, the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: I welcome Mr. Brown and his colleagues to the committee. I too was disappointed that of the 42 questions in the questionnaire, eight were effectively not replied to. I understand that the Irish taxpayer has not put money into Ulster Bank, unlike the other three banks, two of which have appeared before the committee to date. Nevertheless, Ulster Bank is regulated by the Central Bank. There...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: They were pertinent questions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: Will Mr. Brown put a figure on it? What the other banks pay varies, with Permanent TSB paying 1.74%, Bank of Ireland paying 1.15%, and AIB, which will appear before us, paying a blended cost of 1.64%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: Why would it be different?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: How much of the bank's funding would come from deposits at this point?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: That is against a background in which the ECB rate of funding is lower than the Bank of England rate.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: At this stage, does Ulster Bank have any ECB funding?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: At what level?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: With regard to the €28 billion in loans, is Ulster Bank funding that with the €25 billion of deposits? Is it virtually funded in its entirety by deposits at this point?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: There is a higher percentage of deposits in the North?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: The cost of funds is about 1.5%. Could Mr. Brown give a breakdown between variable rate, tracker and fixed-rate mortgages?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: That is similar to Bank of Ireland.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: The 2.32% figure is in the public domain. I assume these figures were probably freely available if we had dug for them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: The net interest margin is 2.32%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: We are told the net interest margin at Bank of Ireland is 2.08%, it is 1.6% at AIB while Ulster Bank's is 2.32%, based on the information we have received to date. The rate at Permanent TSB is below 1% at 0.88%. Ulster Bank's net interest margin is the highest of the banks in Ireland by a significant amount. Why are the rates the bank is offering to customers not more competitive?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: Mr. Brown is able to break down the costs of borrowings in terms of giving an explanation as to why there is a lower charge in the North than in the Republic. By definition, therefore, Mr. Brown should be able to give us a breakdown of the difference in net interest margin between the North and the Republic. He is relying on a global composite picture for the net interest margin across the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: Mr. Brown is being a little selective. It is correct with regard to the standard variable rate, but when one looks at loan-to-value rates below 60%, there is a significant difference between the Republic and the Northern Ireland market. There is a 2% differential. My point is that Ulster Bank is reacting to competition in the market. To make a general observation, what must be examined...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: In the limited time I have, and this is the kernel of it, we are getting back to old style banking again, which is in effect the banks seeking to get the highest rate possible from the customer and the customer not having proper competition in the market. I have two questions. First, what rate would Mr. Brown like to reach for net interest margin? Second, in light of the fact that AIB is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)
Kieran O'Donnell: What rate would Mr. Brown like to see?