Results 11,521-11,540 of 26,053 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Does the Central Bank have any supervisory role?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Okay. If there is a difficulty with a particular property, I go to the landlord rather than the letting agency. Has the Central Bank put anything to the Department of Finance as to how this measure could be amended? From my perspective, there is a weakness if effectively there is a line of defence for the vulture fund from dealing with a mortgage holder and dealing with the mortgage...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: I suspect they are paid on commission. They are not being paid on how the loan is performing directly, they are effectively being paid for going out and collecting. They are basically collection agencies for the primary lender.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Let me put a direct question. Would the Cental Bank like to see legislation in place to allow it to be able to follow the loan when loans are sold on to vulture funds, and to be able to deal directly with the lender as distinct from the agent?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: The Central Bank has no teeth at the moment for following vulture funds.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Could a way around this be to ensure that anyone who purchases a loan is required to operate as an entity in the jurisdiction in which they purchased the loan? For instance, if it is a large company like Cerberus, which comes to mind, instead of giving it out to an agent to manage it, they would be required to manage it themselves within the jurisdiction and thereby be subject to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Is the Central Bank seeking to do a report or review on that in a number of months time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Where does Mr. Sibley see the mortgage market in Ireland over the next three years in terms of competition, new entrants, and the profile of mortgages - tracker versus variable? Does he believe that the current banking institutions in Ireland have the financial fitness to be able to lend the appropriate amount of loans? We have a major shortage of homes in this country. I note that at the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: It is a relevant question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: When does the Central Bank expect to conclude that work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Thank you. I look forward to the Central Bank's analysis of how mortgages purchased by vulture funds are working. We will bring it back before the committee because there appears to be a major gap or shortfall for mortgage holders whose mortgages are now held by vulture funds. Although the terms and conditions should follow the emphasis is on enforceability. People are coming to us about...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: I thank Senator Burke. Deputy Michael McGrath to conclude.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: It is the Deputy's Bill.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Fine. The Deputy has that flexibility.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Are they regulated? Is the same level of control applied to their business activities as to normal institutions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: There is no difference.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: I am talking about prudential regulation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Is that into less regulation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Typically, how often is the Central Bank in with the larger banks? Is it on premises at all times?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: With what has traditionally been regarded as sub-prime but in respect of which there is a slightly different incarnation now, how often is the Central Bank in there?