Results 7,441-7,460 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: Ms Fahy does not need the information; she just knows corporatively that it is a fact. If Irish Water has a free allowance it will need to apply a cost to make the structure of the company corporatively sound.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: We have it with the household benefit package. Ms Fahy would not argue that the household benefit package should be given to multimillionaires. Would she argue that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: I will give back time to Senator Barrett. I call Ms Murphy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: Is the Senator referring to practices by moneylenders?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: Delegates from the Central Bank have appeared before the committee to discuss this issue, including concerns that Wonga and other companies might be targeting the Irish market. It was a satisfactory meeting in the sense that we were assured that the current licensing arrangements in this country are not attractive to Wonga because they are quite tight in comparison with those applying in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: I thank the witnesses for giving their time to the committee this afternoon. I am sure their pre-budget submissions will be taken on board by members Their contributions will form part of the report this committee will submit to the Department of Finance following the conclusion of our hearings tomorrow. I propose that we suspend for half an hour before commencing the next module. Is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: I welcome Mr. Patrick Davitt, chief executive officer, Institute of Professional Auctioneers and Valuers, IPAV; Ms Niamh Randall, head of policy and communications, Simon Communities of Ireland; Mr. Mike Allen, director of advocacy, Focus Ireland; and Mr. Bob Jordan, chief executive, Threshold. The format of the meeting will be a round table discussion on the environment and housing based on...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: We will organise the proceedings into periods of 15 minutes or so. I welcome the delegates again. The reason we are meeting at this time of year, when we should be winding down for the summer, is because the budget is now in October. I very much appreciate the adjustment the delegates made to their schedules in submitting proposals at this time of the year. In the past, they might only...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: I mean where a person rents a property with a view to buying it eventually.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: I could understand that in 2008 and 2009 when the market was bottoming out. However, if someone was renting in 2009 and paying €15,000 per year, it made more sense to keep doing that due to the fact that depreciation in the value of properties of €300,000 was running faster than that. One would be out of pocket €30,000 by buying the building as opposed to renting it....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: Can Mr. Davitt tell me something more about the vacant land levy?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: Would these be business sites as much as residential?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: I have looked at this in the United States of America and there is a significant difference between a vacant site levy and derelict site legislation. There is a great deal to be offered in those terms as it deals with many things the derelict site stuff does not deal with. In the United States of America, this has been quite effective and had a secondary benefit where a property is in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: The next question is for Ms Randall and Mr. Jordan together. In the midst of the catastrophe and as legacy issues play out, is there an opportunity for two things to happen which are not being looked at? The Irish private residential market has involved an individual owning two or three properties in a dispersed mode - a flat, a house and something bought recently; one mortgage-free,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: Of those, are approximately 60,000 in negative equity and mortgage distress?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: I met with a group last night and it is not the REITS programme but another way of looking at the problem. Properties could be institutionalised and put into long-term pension funds. The active side of the loan could be put into something more structured and the legacy debt dealt with through a pension fund. If the approach was taken of an institutionalised, private rented sector, could we...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: I suggest that the land banks NAMA has amassed in recent times have, perhaps through a process of default, overcome the constitutional difficulties identified in the Kenny report. It is now possible for an agent acting on behalf of the State to control the release of land to the market, as opposed to what occurred with developers in the past. Is this something the witnesses have considered...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: It should be released.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: I am referring to green and brown field sites as opposed to units. NAMA's extensive holdings of green and brown field lands brought us to the position set out by the Kenny report, albeit not by the route we would have preferred to have taken.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Pre-Budget Submissions: Discussion (Resumed) (16 Jul 2014)

Ciarán Lynch: In this case the return would be to the developer and we lose the opportunity.