Results 17,841-17,860 of 26,653 for speaker:John McGuinness
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: We are going to have another round of questions but we are obliged to take a break at this stage. I suggest we take a break until 2.15 p.m. Did Senator Conway-Walsh want to ask about something specific?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: We will resume with Deputy Michael McGrath.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: I will follow up on the very same point on the action of the Central Bank in regard to Tanager and Start Mortgages. The cases that have ended up in court would have caused a considerable amount of difficulty, trauma and unnecessary actions for the borrower, and left many people quite distressed. In the context of this, how will they be compensated for what has happened to them?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: No, is it within the remit of the Central Bank to deal with such things to that extent?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: All I am asking is whether the Central Bank has the power to deal with it beyond just that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: That is fine. That is what I wanted to know. I asked earlier about credit servicing firms. On the list, the total number of transitional credit servicing firms is three and the total number of authorised credit servicing firms is eight. Will the witnesses explain what are transitional credit servicing firms?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: With regard to the eight listed, we have been writing to Pepper Asset Servicing as a firm that gives management services. I do not see it listed here among the eight.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: So it is an authorised agent.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: What is the separate list Ms Mitchell is speaking about?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Can we get a list of those also? How many other lists of these firms does the Central Bank have?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Okay. Regarding the list of credit servicing firms, again we were dealing with Capita Asset Services. I understand it was purchased by Link.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: In registering these firms is it possible to insist on the name being registered in such a way as that there is a clear distinction? For example, we have Acenden DAC and Acenden Limited. These are two different firms doing the same thing. Is that right?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: They are listed as credit servicing firms. Going down through the list, I am making the point the distinction between these firms is not clear enough. I presume they are separate legal entities of their own standing as they are registered here.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: It is similar to the question we asked of AIB when it came before the committee. AIB has in excess of 100 companies and it has two banking licences. It would seem, from reading the name of the bank that holds the licence, the only difference in the context of the visual, is in the titles "AIB plc" and "AIB, plc".
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: I want to ask in specific terms about AIB. Is this not AIB plc and then AIB, plc?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: The bank only has two banking licences and that comma is the only difference between both of them, excepting the fact they are two very separate entities. When a person goes to a court and begins to explain publicly that his or her loan was with AIB, plc, the courts can often believe that the person is tricking around with the title but in fact it is quite a significant and fundamental...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: That is okay. The other issue on the vulture funds is that the responsibility and the obligation conditions of the original loan travel with the loan wherever it goes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Concern has been raised at this committee, particularly from the small and medium-sized enterprise, SME, sector, about restructuring units within AIB and Ulster Bank. The unit in Ulster Bank came into focus first. Some loans that were sold on were performing loans. It has been found that the loans are now mixed up under the name of one particular fund. There may be a number of portfolios...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Yes.