Results 1,161-1,180 of 1,974 for speaker:Arthur Spring

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

Arthur Spring: Let me impress upon Mr. Wallace that saying we will legislate in the event that they do not comply is the same in valuation terms as making them comply now. I ask Mr. Wallace to discuss this further with those who are bidding because no person putting a valuation together would see a difference at the moment but that would give security and protection to those who are purchasing. I have a...

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

Arthur Spring: If they are serviced here in Ireland, would the mortgages not fall under the remit of how securitisation traditionally works here?

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

Arthur Spring: I understand that but the fact it will be serviced in this country by an operator means that surely the loans will have to comply with Central Bank regulations the same as any other loan in the country

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

Arthur Spring: So a loan book could be serviced by somebody within the State on behalf of a lender from outside the jurisdiction, which is not regulated by the Central Bank or the regulator?

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

Arthur Spring: That is a grey area that should be cleared up. If they are servicing the loans in this country, they should be compelled to comply with Central Bank regulations. Ms Nolan said that it was not envisaged in the IBRC liquidation that mortgages would be sold on. Could she elaborate on that? I acknowledge that the special liquidators are trying to do the best thing by the taxpayer and get the...

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

Arthur Spring: It would have been appreciated if we, as legislators, on the night had a strategy presented to us. I understand that it had to be in place before 9 a.m. the following morning. This is a little reactionary. Almost 40% of the mortgages the special liquidators are dealing with are distressed. I am uncomfortable with the notion that somebody can come in and manipulate their mortgages to get...

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

Arthur Spring: I am comfortable with that. I refer to the IBRC employees. I know many of them, as I worked with them when I was in my 20s. They are in mortgage distress and they have all the problems that my generation is experiencing. Is it fair that they are being treated the way that they are in the wind down of the bank relative to how the previous employees were treated? What are the restrictions?...

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

Arthur Spring: However, many of them have been re-employed without being subject to the terms of the normal statutory redundancy process. In addition, they are considered to have started new jobs and do not have entitlements they had built up previously. They have been disadvantaged following the liquidation and that must be acknowledged. I thank Mr. Wallace for acknowledging their hard work because the...

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

Arthur Spring: We were assured that the employees would be looked after properly on the night of the liquidation.

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

Arthur Spring: I will pick up from there. Ms Nolan alluded to the fact that the Department was given legal advice that it might impinge on the valuation if there was a stipulation that they had to abide by the codes of conduct. Did she say that?

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

Arthur Spring: So there is legal advice to that effect.

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

Arthur Spring: What is the basis for those parameters? Can Ms Nolan explain why this is the case?

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

Arthur Spring: On what legal grounds is the advice being provided?

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

Arthur Spring: The Office of the Attorney General tells us that if we make this a prerequisite and it has a negative effect on the value of the portfolio -----

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

Arthur Spring: Could we seek advice on going one step further from the Office of the Attorney General? Would that be prudent?

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

Arthur Spring: Working within the parameters of the committee, if the Department is going to legislate for this in 2015 - as provided in the legislative programme - why is it not exposing itself to be sued by those creditors?

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

Arthur Spring: I am sorry, but Ms Nolan has intervened. She has said the Department will legislate for this in 2015 and this is known by the purchasers.

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

Arthur Spring: I know.

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

Arthur Spring: It was said that multiple people were involved in the bidding process. Please tell us how the bidding process took place and how interest in it was attracted.

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

Arthur Spring: How many of those the liquidators have been dealing with are interested in the portfolios?