Results 10,741-10,760 of 26,610 for speaker:David Cullinane

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: That is pretty much just paying the interest. The principal amount is only paid down when the State, for example, sells off the AIB shares and pays off the loan, but the amount we owe stays the same and interest is an annual interest fee that is paid for by the State. Is that correct?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Given that most of the money was for Anglo Irish Bank, we can now surmise that, of the €1.7 billion we now pay back on an annual basis - the figure may be higher or lower, but it is within that range-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: It was €1.7 billion last year.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Does Mr. Carville know how many homes could be built for €1 billion? Has the Department done the maths on that?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The figure the Government uses is 5,000. That number of homes built on an annual basis would resolve the housing crisis. Five thousand homes could be built every year and yet we are spending this money on debt relating to private institutions that we had no legal obligation to bail out, certainly before the bank guarantee. We are talking about a housing crisis that could be sorted and not...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I am expressing a view. I am not expecting Mr. Carville to do so. As a citizen, Mr. Carville might have his own view. I am giving him my view, as a citizen. Can Mr. Dorgan tell me the difference between promissory notes and sovereign debt and bonds?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: When we had the promissory notes, that was essentially a promise that the State would burn the money periodically. Was it not that the Central Bank would literally burn money or take it out of circulation? In other words, it would take whatever the figure was at a given time out of circulation.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Technically, however, that was done by taking the money out of circulation. Is that not correct?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Mr. Dorgan might forward to the committee a more detailed note on this matter because it is important. My understanding of the promissory note was that the Central Bank was given permission to print €30 billion or whatever was the amount.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The witnesses might forward a note to the committee on this matter. There is certainly a big difference between a promissory note and sovereign debt. That is for sure.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: And it had to be taken back out of circulation.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: That is the point I was making. I will turn to the NAMA side of it. Am I correct in my understanding of the Comptroller and Auditor General's report - perhaps Mr. Harkness can help me with this - that the gross cost of capitalising the banks was €66.8 billion? Is that separate from the €31.8 billion that was then given to the banks to basically take the bad loans?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: So it was a separate payment.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I understand that. I am merely making the point that it is separate from the overall figure.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Do we have a breakdown of where that €31.8 billion went, particularly in the context of which banks got what? Is that in the Comptroller and Auditor General's report?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Can Mr. Harkness give me those figures? Can he provide a breakdown?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Can Mr. Carville give it to me now because I need it for my question?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: There is a problem where I do not have the information I need. NAMA paid €31.8 billion to banks to purchase property-related loans. What I am seeking is a breakdown of the €31.8 billion went to which banks. How much went to which banks? It is a reasonable question to ask in the context of this report. Unfortunately, the information is not to hand. I need that for my...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Can the witnesses tell me what would have been the range of the value of the properties? I refer to those at the top end, namely, the top ten loans that would have been taken over. Would the Department have that breakdown? In the context of the €31.8 billion, the State essentially took the bad loans and paid that amount but the borrowers owed over €74.4 billion. The...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I am trying to tease out where exactly that money was spent. This goes back to what I was saying earlier. As members of the Committee of Public Accounts, we are working from a report of the Comptroller and Auditor General that gives headline figures. Our job is to probe those figures and conduct a deep dive in terms of where the money went. There is a headline figure of €31.8...