Results 7,321-7,340 of 36,188 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: What is the nature of the formal agreements put in place in respect of the two sales of loan books that have been transacted heretofore?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: On 20 February, the Minister for Finance stated in response to a question I raised in the Dáil that formal agreements had been put in place for the aforementioned sales. I questioned him about the legality of the agreements and he could not indicate whether they are enforceable under contract law. He indicated the agreements were given to the public in the first instance and secondly...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: The question I asked last week dealt with unregulated buyers. In regard to the agreement between the unregulated buyer and the Central Bank, how did that materialise?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: The Minister also said that we would attempt, through his officials and the Attorney General, to ascertain the standing of the formal agreement and its legal enforceability. I presume he has done so in the context of the IBRC sale due to take place in the coming weeks and that Ms Nolan is the most senior official he would approach. Was Ms Nolan approached and has she approached the Central...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: The Minister specifically stated that he would seek out the legal status of the formal agreements with unregulated bodies which had purchased loan books and ascertain whether they are enforceable under contract law. He indicated that he would ask his officials to liaise with the Central Bank and the Attorney General on the matter. I am specifically asking whether that is happening. I am...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Is it Ms Nolan's opinion that the formal agreement with the unregulated entity, who purchased from another financial institution, may be legally enforceable?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Ms Nolan indicated that the Minister will legislate if there is a breach of the agreement on the code of conduct on mortgage arrears. Is it possible to have that retrospectively applied? Let us take it that a company, such as Tanager, which bought Bank of Scotland, voluntarily went into the code of conduct on mortgage arrears, unregulated in this State. Can we as legislators apply...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Regarding the voluntary entering into the code of conduct on mortgage arrears, if the preferred bidder decides to purchase these and flip them, how stands that offer to enter voluntarily into the code of conduct on mortgage arrears? We know what is happening. These loans are being flipped, and it is not beyond the realms of possibility that these loans will be flipped again in a number of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Has any comfort been given to the potential buyer to ensure it has a contract with the mortgage holder in the event that a contract becomes unenforceable? Has the Department of Finance given any letters of comfort, indemnities or undertakings? Can there be any recourse if the mortgage is not enforceable? My last question is for the Department of Finance regarding Tanager. There are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: That is a whole separate matter regarding A&L Goodbody, Tanager and Bank of Scotland.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: How quickly could legislation be drafted that would provide protection for mortgage holders whose loans are being sold to unregulated entities, as promised in the programme for Government? If the Minister for Finance were to telephone Ms Nolan after this meeting informing her that the drafting of such legislation was a priority, how quickly would the legislation come before the House?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: I understand that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: IBRC was liquidated overnight, albeit with a little work. We all remember the shenanigans associated with the relevant legislation in the Dáil Chamber. The consequence of that is the sale of the loans of 13,000 mortgage holders. My focus is not solely on those mortgages, because mortgage holders with the Royal Bank of Scotland are in exactly the same boat and do not have any...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: I am also interested in corporate governance. For example, if a partner in a company that is providing advice ends up buying the book of an entity that is regulated by the Central Bank, Ms Nolan, as a senior official, should be interested. That is not my focus, however, so I will cut to the chase. Please correct me if I am wrong. The Government's stated position is that it wants to ensure...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: It would be the Government's desire that the 13,000 mortgage holders in IBRC would have that same protection as its stated objective for all mortgage holders in the future.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: The Government has within it, and the Minister has, the ability to issue a directional order to IBRC's liquidators to cease the sale of the 13,000 mortgage holders. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: And the Government then has the ability to carry out its stated intention which is to bring in legislation across the board to protect not only the 13,000 mortgage holders but everyone else who could be in the same position.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Could-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: The Minister is not here to answer the questions I am asking Ms Nolan as an official. If the Minister wants to come in and defend himself he is more than welcome. He was invited but he refused to appear before the committee. The Minister can do that. I am asking about the powers vested in him. Obviously the answer is right. Now we will go to the point Ms Nolan has raised. The issue...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Okay, why do we not issue a directional order to stop the sale and bring forward the legislation which the Government has agreed to bring forward and then proceed with the sale again? Why cannot we just do that?