Results 18,561-18,580 of 26,656 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: This is a simple question. I write to someone in December and he or she does not bother answering me. Is it not a basic courtesy to go back and forth? That basic courtesy is not being afforded to clients of vulture funds and that is a problem. They are turning to us for protection. I am turning to Ms Rowland and she is wrong in respect of unregulated entities and having a solution with...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Yes, we have a vote. We will suspend until 1.30 p.m.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Before the suspension I asked Professor Lane about regulated service agents and unregulated vulture funds, and about the role of receivers.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I remind all witnesses and members to check their phones.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Can the witness address the question on the role of the receiver?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Receivers are in the middle of the mix from time to time. What is their role? Is there any regulation that mentions receivers within the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I know the role receivers play. I am wondering whether there is any regulation in place relative to the banks and the appointment of receivers and how they operate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Who regulates that? Is it regulated?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I searched my emails when the session was suspended, and I want to give the witnesses an idea of the emails we are receiving, apart from the examples I provided earlier. A lady writes that listening to politicians talking about vulture funds over the past few days has been infuriating, and that some have no understanding of the process, never mind the paralysing effects on human beings....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Professor Lane is missing the point. I am not arguing that the code of conduct is not there. I am saying that, whether it is a vulture fund or one of its agents managing the mortgage on behalf of the fund, no heed is paid to the code. Who will the affected person turn to? There are many others on record. Who will they turn to in order to have their rights acknowledged?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: This exchange is farcical on this point. I have read out one email - I have loads of them - and I gave Professor Lane examples of the others. I acknowledged the code of conduct and everything else that is there. The point is that these funds and the banks know the code of conduct is there but they ignore it. For example, Professor Lane said to me that restructuring would go on. In one...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I will just say to Mr. Sibley that no civilised society could possibly accept what is going on in the banking sector, with the vulture funds and these regulated agents. We should be stopping it. The Central Bank of Ireland and whoever is responsible for the code of conduct should be kicking these firms around the place to acknowledge it and protect the rights of citizens.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: No. It is that very point. They are not acknowledging the code of conduct in dealing with people. They are not even civilised in their exchange with individuals.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I call Senator Kieran O'Donnell.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: We covered that matter earlier on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: In response to Senator Conway-Walsh earlier, the Governor stated, referring to the banks and regulation, that we regulate the banks to keep them safe. Earlier this morning, he stated that we care a lot about the banks. What does he mean by those two statements?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: This is where the difference is. I have listened attentively from 10 a.m. to what the Governor had to say. That statement and how the Governor now balances it in terms of society emphasises the difference between the Central Bank and myself and, I believe, the Oireachtas Members because our task here is to put people front and centre. One might apply, in legislation, the so-called lesser...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: They are bypassing what the Central Bank is doing. I ask the Governor to listen to us. I am not making up the story. I do not believe any other member is making up the story. It is fair to say from what I and others know that they are running rings around the Central Bank to push people out of their homes. When they turn up at the door, it is a frightening experience. When the letters...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: That is a different issue, one which was dealt with by Deputy Michael McGrath.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: What are the credit servicing firms obliged to report to the Central Bank?