Results 14,721-14,740 of 26,092 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: Anyone looking in will be astounded that the numbers that were eventually brought in under the trackers were double those with which the banks came forward initially. It went from 20,000 to 40,000, which is shocking. It was a cover-up by the banks. How would Ms Rowland define the type of regulation that the Central Bank engages in now with the banks? Does she regard it as light-touch in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: No, the type of regulation the Central Bank is doing. Does Ms Rowland regard it as light-touch regulation or how would she describe it? I was a member of the banking inquiry and certainly during the Celtic tiger years the term was "light-touch regulation". How would Ms Rowland define the type of regulation that the Central Bank now has over the banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I am sorry, I have limited time. The Central Bank did not regulate the banks correctly during the Celtic tiger era and part of the problem was light-touch regulation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: The Central Bank has done an immense body of work but it was not too long ago that it was before this committee. Certainly, I would have thought the Central Bank was slow in coming to the table in terms of moving on the issue of tracker mortgages. Once it commenced, it did a considerable amount of work but it was certainly slow in terms of really engaging in depth on tracker mortgages. We...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: In summary, would Ms McEvoy regard it as light-touch regulation any more?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: Going back, why was the tracker mortgage scandal not picked up earlier by the Central Bank if it was going on for all of those years and if the Central Bank was charged with regulating the banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I am sorry but-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: With due respect to Ms Rowland, the tracker-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: We only started on that when the tracker mortgage issue came to light in 2015, but the tracker mortgage scandal had been going on for years before that. I am not a regulator but we had ordinary people coming to us. I acknowledge the work the Central Bank has done but I have been a Member of these Houses since 2007. I was here on the night the bank guarantee was brought in. We dealt with...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I just want the year. What was the year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: In what year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: Roughly.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: The question I am asking, which is a very legitimate question, if this was going on for all of those years - over a ten-year period to 2015 when it came to light here - why did the Central Bank not pick it up? The banks knew they were doing it and the regulator was regulating the banks, so why was it not picked up by the Central Bank in its regulation of the individual banks? At this stage...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I am not denying that. I am making the point that-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: -----we can speak about the body of work but the bottom line is that the banks knew what they were doing. They were compensating their balance sheets because they were under severe pressure. They wanted to get profits. They found profits in any way they could. It was the role of the regulator to protect the interests of the consumer. The major investigation on this did not commence until...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I have two more very quick questions. When did the Central Bank first become aware of the tracker mortgage scandal?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: In what year did the Central Bank first become aware, as the regulator, that a tracker mortgage scandal was under way across all of the mainstream banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I do not want to-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I do not want to labour the point. There was €693 million in compensation. This is nearly €700 million, almost three quarters of a billion euro. I had a very simple question. If the witnesses do not want to answer it, that is fine. When did the Central Bank, which was the financial regulator at the time, first become aware of the tracker mortgages scandal? When was it...