Results 12,161-12,180 of 26,053 for speaker:Kieran O'Donnell
- Seanad: Asian Infrastructure Investment Bank Bill 2017: Committee and Remaining Stages (20 Jul 2017)
Kieran O'Donnell: If we base our consideration of this Bill on whether Ireland should be an investor in this bank, on balance we would have to answer "yes" to that question. It is good for global business. It is also good to have such a European-Asian join-up. I said during the Second Stage debate that this bank could provide exciting potential opportunities for Irish companies that want break into the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: I acknowledge the workbench space in O'Connell Street in Limerick and the enterprise week. It is an excellent initiative. I will move on from what Deputy Michael McGrath said about providing funding to builders and developers to build homes. What has been the level of funding Bank of Ireland has provided for the building of new estates nationally in the past year? I could not see it in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Is €1 billion out at any one time?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Does the bank keep track of the number of units of houses that are being built that are funded by Bank of Ireland at any point in time?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Could Mr. McLoughlin give me the current figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Yes, because Mr. McLoughlin will appreciate that what we are looking at here, apart from providing mortgages, is what level of funding the bank is providing to building in particular for starter homes and affordable homes for young couples. My next question follows on from that. The bank provides 3% cash-back. Is it fair to say that existing customers of Bank of Ireland might feel they...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: I am assuming that finds its way into the bank building up its risk base in terms of the rate it applies.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: So, ultimately, if that 3% was not there, I expect it would provide a little bit of leverage in terms of what the bank could charge existing customers to achieve the same margin.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Does Mr. McLoughlin agree?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: There is an element of "hello money" about it in that it is an incentive for first-time buyers to go to Bank of Ireland rather than to another bank. Instead of charging a lower interest rate, where banks traditionally load interest upfront in terms of people repaying their mortgage, the bank is effectively factoring in a cash payment loaded upfront when people take out a mortgage.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: On the basis that it looks like ECB rates will not increase for the next two years at least and that the bank is now in a competitive market, will Bank of Ireland reduce its mortgage interest rate in line with the likes of AIB?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Is Mr. McLoughlin saying categorically that before the end of the year we will not see a reduction in the mortgage interest rate by Bank of Ireland?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: I am talking about the bank's existing customers and the fact is there is a differential between the bank and AIB in the variable rate of over 1%. The point is when Mr. McLoughlin speaks about the fixed rate he is really trying to attract new customers. He referred again to the cash-back. If Bank of Ireland is looking after both new and existing customers, it would look to reduce the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: At fixed rates?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Mr. McLoughlin did make specific reference in his response to the cash back for new customers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Equally, Mr. McLoughlin will appreciate that the bank has existing customers, many of whom are under pressure, who look at another bank that is charging 1% less than they are paying. As Mr. McLoughlin well knows, in the current climate they cannot switch and they are effectively locked into the Bank of Ireland. That is the reality.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: I accept that but if they wish to stay on the variable rate they can only make that choice with one institution. I would hate to see a situation arise whereby, effectively by stealth, the bank is forcing people on to a fixed rate because the bank would not reflect the mortgage rate within the institution, which is in line with the current market.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: Given the time at my disposal I will move on. I believe it is a fair observation to say that it could be interpreted that Bank of Ireland wants its existing customers to move to a fixed rate in that by keeping the variable rate higher than its competitors the bank is pushing people into a fixed rate. That is obviously - dare I say it - to the benefit of the bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: I have two quick questions. On page 1, questions 1 and 2, Mr. McLoughlin makes reference to the 4,083 private dwelling homes and the 1,625 buy-to-let houses that are 90 days or more in arrears at the end of June. Will the witness confirm that this is the actual number of properties?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland: Bank of Ireland (21 Sep 2017)
Kieran O'Donnell: How many properties is it respectively?