Results 13,941-13,960 of 26,228 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Is it correct to state that the overall beneficial ownership of the loans lies with Glenbeigh and that, ultimately, under normal company rules, the board of Glenbeigh has ultimate beneficial control over the operation of the loans?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: I am still not happy about this. I am an accountant but I do not fully understand how the board of Glenbeigh operates. An ordinary person, for example a mortgage holder, would have a letter. In my world, he who pays the piper calls the tune. If it were me, I would not hand over control of €900 million and just tell Pepper to go and manage it. I would want to know how my money was...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: What is the average rate on the note?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: This is a critical point. I assume the rate of return is a dividend or interest paid on an annual basis?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: That money will have to flow from Pepper to service the cost of servicing the bondholders. I like that it is a long-term process and that the money goes in through Glenbeigh and will be available. The money will be handed to Pepper and if the company deals with the loans over time and if there was to be a further securitisation of the loans of which it takes control, who will determine...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: -----for ten years or longer, and 50% of those are for more than 20 years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Could those loans be sold on to a further securitisation which would make that decision? We are acting on behalf of mortgage holders here. How would that work? I am just following it to a logical conclusion. I like the long-term nature of this proposition, but I have to go to a logical conclusion.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: The earliest a bondholder will be paid back is six years from now. The board of Glenbeigh might make a decision in six years' time that it wishes to sell the €800 million left on the portfolio to another investor. The money comes back into Glenbeigh and the investors in Glenbeigh are repaid. It is a conduit so that it can appear that the funds are not sold, but it ultimately has the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: What does Mr. Crowley mean by note holders?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Is Mr. Crowley talking about the bondholders?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: That is fine. They are like shareholders in any company. I do not have an issue with that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: My question is very simple. The bondholders have to be repaid within six years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: There is a six-year period in which the bondholders could be repaid. In six years' time, could the bondholders make a decision to sell the portfolio being managed by Pepper to a fund?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: I would like to give reassurance to the mortgage holders who will be subject to this mechanism via Glenbeigh and being managed by Pepper that their loans will be worked out. Pepper is an Irish-based fund. It is one of the funds that has experience in this area; it is providing mortgages.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: I want to know about consumer protection in the long-term. This is being put forward as a long-term vehicle. I want to know how it will manifest.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: The biggest concern is that there is a perception among the public that many of the funding vehicles are themselves borrowing in the short-term. They are borrowing money to buy loans. The appeal of this is that the money being put in appears to be long-term in nature. If they are worked out in the long term by Pepper, it squares the circle but, if they are sold on to another fund within a...

Seanad: Central Bank (National Claims Information Database) Bill 2018: Second Stage (12 Dec 2018)

Kieran O'Donnell: I welcome the Minister of State, Deputy D'Arcy, to the House again. He is always extremely welcome here. He is doing very valuable work. I commend him on his perseverance in the area of insurance. It is obvious he has encyclopaedic knowledge both from being in business as a farmer for many years and also the fact that he was involved in the banking inquiry with my good self. He was on...

Seanad: Central Bank (National Claims Information Database) Bill 2018: Second Stage (12 Dec 2018)

Kieran O'Donnell: It will come to the Minister of State.

Seanad: Central Bank (National Claims Information Database) Bill 2018: Second Stage (12 Dec 2018)

Kieran O'Donnell: Next Tuesday.

Seanad: Finance (African Development (Bank and Fund) and Miscellaneous Provisions) Bill 2018: Second Stage (18 Dec 2018)

Kieran O'Donnell: I welcome the Minister of State.