Results 8,361-8,380 of 36,188 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: So it is fair to state that the Irish directors of this Irish company established it in Malta because if they had set it up here, they would have been obliged to set aside a buffer which is three times greater than that which is required by the Maltese authorities.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: Malta insists on an additional buffer of 0.5 times the required margin of solvency. Is this the same as that required by the Irish Central Bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: When discussions took place with the Maltese authorities in September, did they indicate that Setanta Insurance had been failing to meet the buffer requirements since 2011?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: I wish to pose a final question. I am of the view that the Central Bank was extremely lax in respect of this matter. Mr. Sheridan can bat for his own side in a moment in respect of that assertion on my part. It seems that the only flag that was raised for consumers came in the form of the widely-circulated press release. On numerous occasions we asked the Minister what he was doing to...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: However, the brokers, who are regulated by the Central Bank, still renewed policies.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: The Deputy should ask a question.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: I will be finished before that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: Deputy Boyd Barrett is finished.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: I will ask a couple of quick questions as there is a vote in the Dáil. Listening to Mr. Sheridan and in view of the actions of the Central Bank on provisioning, is it the case that if the company was regulated in Ireland, as a bare minimum, the problem in terms of blanket provisioning would have been identified earlier?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: While the Central Bank does not engage in prudential supervision, it has used whatever power it had to go in and find out what was under the hood of the company, which really sparked the alarms in terms of Malta, even though it knew for two years that the company was below its additional buffer. Is that fair to say?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: Deputy Higgins mentioned the following here. Was the Central Bank at any time concerned about a conflict of interest between the company and the manner in which it was established, and the fact that brokers were selling their insurance products? A number of shareholders in the company are either directors or senior employees and a number of directors are in brokers and groups that provide...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: Is it acceptable for an insurance company to be owned by the directors of broker companies?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: I suggest that it is something the Central Bank looks into. My last question is for both the Department and the Central Bank. This is about the mess we are in. It is a mess one way or another. We have a company that went into liquidation and do not know when payments will be processed. We do not know if we can access MIBI to process some of the payments. We do not know how many...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Collapse of Setanta Insurance: Central Bank and Department of Finance (9 Jul 2014)
Pearse Doherty: I anticipate that it will be quite a long period before this is resolved - to the end of the year or beyond. I am not sure if that is the Department's intention or expectation. There is an openness on the part of my party and, I presume, the Opposition towards changing the rules in respect of the unprecedented scenario of a company going into liquidation. At the end of the day, it would...
- Strategic Banking Corporation of Ireland Bill 2014: Second Stage (10 Jul 2014)
Pearse Doherty: Ba mhaith liom tagairt a dhéanamh don cheapachán sa Roinn Airgeadais a luaigh an cainteoir a chuaigh romhaim. Guím gach rath pé duine ar bith a bheidh ag stiúradh an Roinn sin mar go bhfuil amanna crua romhainn agus cinnithe iontacha tábhachtacha le glacadh. Caithfidh mé a rá go sílim gur chóir scrúdú mar is ceart a bheith...
- Order of Business (10 Jul 2014)
Pearse Doherty: No, it is not.
- Order of Business (10 Jul 2014)
Pearse Doherty: Ba mhaith liom gach rath a ghuí ar an Tánaiste fosta. The Moriarty tribunal reported to the House over three years ago, but its recommendations have not been implemented. I am told in reply to a parliamentary question that some of the recommendations were included in a Bill which was introduced in 2007 and is still before the House. Other recommendations are still being dealt...
- Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)
Pearse Doherty: In regard to amendment No. 1, and we are also dealing with amendments Nos. 11, 13 and 14, I want to deal with the issue of social housing. While I know the amendments are brought forward in good faith, I am not sure how the mortgage distress side would work out and whether we would use this company to provide credit to those who have mortgages in distress so they could pay back all of the...
- Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)
Pearse Doherty: My concern is that we need to sort out the banks with the mortgages. This is a convoluted way of sorting that out but I accept it was brought forward with the right intention. The housing aspect is crucial. An issue I raised on Second Stage is the definition of "other persons in the State", which the Minister said is anybody who is a legal entity. Therefore, can there be lending to...
- Strategic Banking Corporation Bill 2014: Committee and Remaining Stages (10 Jul 2014)
Pearse Doherty: On a point of order, my understanding is that Members can make two comments. The first is not time-limited and the second should be confined to two minutes-----