Results 17,341-17,360 of 26,653 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: With the mortgages that have been sold, what redress would there be?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Even though the original lender is responsible, and even though some individuals have written to the Financial Services Ombudsman and there has been no decision yet, the tracker has still been sold to the vulture funds.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: That leads me to the question of repossessions. If some of the loans sold to vulture funds are now under pressure to honour the increased payments, then the next step is eviction and some have been threatened. Is this the kind of repossession that the Central Bank will insist the original lender, in contact with the vulture fund, act to stop? We said earlier on that there would not be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: If the dispute is in the courts? They should not be doing that then. How many of the redress proposals from the banks have been rejected? Have there been many?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: I come to the matter of communications with the banks, where individual customers write to the banks looking for information or trying to get their paperwork or whatever the issue might be. I noted earlier that the Central Bank officials look at paperwork in the banks they go into. It has been widely reported that customers have been told that documents are missing and that conversations in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Many customers have written in to say that they cannot get their paperwork or the particular recording-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: I come to my last question on this issue. In its examination of paperwork, has the Central Bank ever come across a situation where a bank was running a second account in the name of a customer without that customer knowing about it? I refer to a second internal account, a shadow account, as it were, which the bank might claim only exists for internal purposes. This account would be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Would that not form part of the paperwork that the customer should receive? Why would a bank run shadow accounts to run payments in and out of accounts without making this known to the customer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: It is described it as "a current account for internal purposes, to discharge legal, professional and other fees accumulated in relation to the bank's management of the account". It is described as a current account. If it is a current account, as I understand it, then the holder of that account should at least be given information about it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: I will do so. I understand that the witnesses may already have it but I will send it on anyway.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: We are back in public session. I invite Deputy Pearse Doherty to speak.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: We are running out of time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: I gave an example earlier.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Some of the banks have sold their tracker mortgages to vulture funds. That was the point I made earlier.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: The Governor answered that already in detail.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: I refer to a letter received by the committee - I believe it was brought to the attention of the Governor - from the Garda Commissioner's office, which dealt with queries raised during the hearing the committee had with Jonathan Sugarman. The letter from the Commissioner's office stated that liquidity ratios are set by the Central Bank in its role of economic governance. It continued that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: This is relevant to the testimony received from Jonathan Sugarman. He specifically said at this committee that he had reported the matter to gardaí at Rathmines. They, in turn, had noted it in the station book. Afterwards, the detective unit informed him a banking specialist would be in touch but that did not happen. When the committee asked the Garda Commissioner's office to comment...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: It is difficult to go into this case at this hour having had a full day's session. I cannot accept, however, what the Governor just said. The legislation at the time referred to a breach. A breach is a breach. Every single breach on each day was a breach. Accordingly, it was a breaking of the law in the context of the legislation at the time. I have the analysis here in front of me. ...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Will Professor Lane provide the committee with the minutes of meetings? If I give information to him that I have received as Chairman rather than go through it now, will he give me a written response to the queries raised in the letter? A liquidity breach nearly 20 times over the limit is significant. There were a number of other breaches and nothing seems to have been done about them....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: That is fine.