Results 7,161-7,180 of 26,043 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Kieran O'Donnell: What is interesting is that there appears to be a critical lack of competition in the market and the banks are exploiting that in the Republic of Ireland.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Senator Coghlan seems to be saying I am a bad cop. I welcome Mr. Duffy and his colleagues. The big issue in the media in regard to AIB is the question of getting back taxpayers' €21 billion. It is difficult to lose sight of the sheer magnitude of that sum. To give it some context, the budget of the Department of Education and Skills is €8 billion while that of the Department...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: To put it in context, what was AIB's market valuation at peak?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: It is worth half of that value currently. The figure of €23 billion is effectively equivalent to the amount of money the taxpayer has in AIB. Through the Minister for Finance, we control approximately 99% of AIB's stocks. Am I correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: We need a proper banking system. No one denies that. I welcome the fact that the witnesses have brought the bank back to profitability, but the balance is our getting a return on our money. The bank is worth half its peak value, although peak values were out of control at every level. Like any institution, the bank probably has projections for the next five years. How does AIB project it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: There may be a case for us not jumping our fences too early or, rather, jumping a couple of small fences first. We cannot make that judgment until we see AIB's projected performance.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: When does Mr. Duffy anticipate AIB will be able to see the horizon on this issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: AIB anticipates that it will not reach calmer waters and be able to see into the distance until the third quarter of 2015.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Regarding mortgage interest, I will ask a positive question with a negative twist. Why did AIB reduce its variable rate? Permanent TSB was the last bank to present to us. Of it, Bank of Ireland and Ulster Bank, none has dropped its rate. Bank of Ireland has a net interest margin of 2.08%. Ulster Bank has a net interest margin of 2.32%. Permanent TSB's margin is low at 0.88%. AIB's...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Is that through a change in the mix of AIB's funding, namely, more deposits?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: For me it is straightforward. Given the reduction, AIB anticipates that its cost of funding will decrease and expects variable rates to fall rather than rise. Am I correct in my assumption?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Based on those elements, the other main banks that presented to us, particularly Bank of Ireland and Ulster Bank, should be dropping their rates in line with AIB's. Ulster Bank and Bank of Ireland have higher net margins. As I have stated previously, there is a lack of competition in the Republic of Ireland market. The variable rate that AIB charges in the North is more or less the same...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Is it not down to competition?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: What is the teaser rate in the Republic?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (18 Nov 2014)

Kieran O'Donnell: I thought Deputy Doherty was about to welcome Deputy Walsh to the committee on his first day here and that he would take those factors into account.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Kieran O'Donnell: In regard to the scheme as currently constructed, will IDA Ireland advise if it is not working efficiently?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Kieran O'Donnell: Have there been any deliberations with IDA Ireland in regard to this being linked to further jobs announcements outside of the individuals who avail of this scheme?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Kieran O'Donnell: Under the scheme as currently drafted, could a situation arise whereby an Irish resident individual working in Ireland could go abroad for six months and a day and then return to Ireland and avail of the scheme?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Kieran O'Donnell: This is not only about cost, but opportunity cost.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Kieran O'Donnell: It would be beneficial if some empirical work was done on the knock-on effect in terms of additional jobs of the enhancement of the scheme. It should be a job creation measure as distinct from a measure benefiting only the individual.