Results 1,421-1,440 of 4,928 for speaker:Peter Mathews
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Okay.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Chairman-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: On a point of order-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Does Deputy Fleming wish me to help him?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: For the record, I am very disappointed that I get five minutes compared to 12 minutes for other speakers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: It is not a criticism; it is an observation. The witnesses are welcome. Yesterday, I said I had a feeling of unreality listening to contributions. It was akin to the film “The Truman Show”. Today, I feel I am in a fog. The reason is that this is the first opportunity to have an appraisal of the job of national interest directors on the board of Bank of Ireland. They...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Yes, it is €105 billion gross and €7 billion worth of provisions. Of the €105 billion, €81 billion or 74% is in mortgages, buy-to-let loans, development land loans, development loans, property investment loans and the building construction sector. To date, the loan provisions amount to €7 billion.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: This is the key to the bank’s survival.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: This is absurd. As a proportion of €105 billion, €7 billion is under 7%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Certus, the loan work-out vehicle for Lloyds Bank has written off €22 billion of the €40 billion peak gross loans that the Bank of Scotland (Ireland) wrote in the period up to 2008. That is more than 50%. The bank must look long and hard into its heart, heavily diluting the last PCAR in March 2011. Reference was made in Mr. Walsh’s submission to the CBI-mandated...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: They are the PCAR people. They got it wrong twice in conjunction with the CBI.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Mr. Boucher is the servant of the board. That is simple. It is a fact and the law.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: You did that before you went bust.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: The witnesses are welcome. I thank Mr. Spring and Dr. Somers for their presentations. Yesterday, we had a feeling of unreality. It was a bit like “The Truman Show”. This morning we had fog. The fog is lifting. I thank the witnesses for the refreshing tone of their opening statements and the free-flowing conversation they have had with the Chairman during the opening...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Okay. Thank you, Chairman.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: That was July 2011. I wish to go back a little to examine the situation as the picture was emerging. Mr. Spring said that shortly after joining, he was horrified by the scale of the losses. I am amazed that the accounting firms did not have some anticipation of that but they seemed to be dulled in their minds as to what had happened to the balance sheets of banks. They should have seen...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Are there provisions against that? I apologise for having caught Dr. Somers off guard. The reason I ask is that I have a benchmark picture in my head that Certus, which is doing the loans work-out for the Lloyds Bank subsidiary, Bank of Scotland (Ireland), has, to date, written off €22 billion of the €40 billion where its loans peaked. That is colossal. The bank’s...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Technical people in March 2010 and March 2011 got it 100% wrong on both occasions. That is my fear. Our best argument for getting capitalisation from the euro system through creditor write-down for all the banks - the dead ones and the survivor ones - is by getting the picture accurate, making the provisions right and substantiating it with what will be arriving down the tracks in the next...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: I say that specifically for this reason: to get the ELA owed by the IBRC written off. This would mean the promissory notes could be torn up. In the case of AIB - and the Bank of Ireland may be too foggy-headed at the moment to articulate it - it can do it. AIB can articulate that for the triangle of banks - the two big remaining banks and Permanent TSB as a smaller add-on - to get the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Peter Mathews: Yes, but I am saying to spread that and make it contagious.