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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: As I said to Mr. Sibley, however, Mr. Tobin is paid to advise. That is his role.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: I am nearly finished.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Finally, why does the Department believe the Bill to be unconstitutional?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: How do the objections of the Department differ from those of the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: No. We will not go into that today. Are the two organisations on common ground?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: What is it today?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Some €140 billion was effectively borrowed through the ECB. That borrowing is now less than €5 billion. Does the Central Bank include the €30 billion promissory note in respect of Anglo Irish Bank's emergency liquidity assistance, ELA, in that €140 billion?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: That is not quite-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: I would not put that in the same category.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: With due respect, including the Anglo Irish Bank amount would not be putting like with like.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: I apologise for digressing. It is a technical point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Is borrowing on the interbank market now functional?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Given the arrangements that have been provided, selling to a fund should be a measure of last resort. The banks should have within them the skill sets to sort out these loans. They should have a responsibility. They undertook irresponsible lending. The ordinary mortgage holder looks at this and sees the banks getting off the hook for their mistakes by flogging the loans on to a fund. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: I am trying to be constructive.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Based on the tracker-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: That is correct.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: What is Mr. Sibley's view on an extension to a 30-year or 40-year mortgage? What happens if someone in a 15-year mortgage cannot meet the requirements and they are spread out over a much longer period? I know that can become intergenerational.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Mr. Sibley is not averse to term extensions.

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