Results 18,621-18,640 of 26,656 for speaker:John McGuinness
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: What is stopping the banks from drilling down into these loans?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: They tell us they have hundreds of staff in each of the banks working on this yet none of the banks offers debt-for-equity solutions, which Mr. Hall mentioned.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: Wait a second, Mr. Burgess.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: There is a phone somewhere on the desk and it is interfering with the recording system.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: Does Mr. Burgess want to come in?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: Essentially, the banks do not drill down hard enough and strongly enough to find a resolution. They do not fully deal with the range of possibilities of resolution and options that are available.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: With 130,000 people on housing lists throughout the country, this would add a further 17,000. That would create social chaos. That is the social cost.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: Yes, but there is a churn.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: The point is that it is social chaos for 17,000 families.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: We should sort it before it happens.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: Which comes to the question for Mr. Burgess. This 10,000 figure is actually his analysis. It is not written down somewhere it can be verified.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: I want to challenge Mr. Burgess on the example he gave us this morning, which is not a typical example. I too go down to the courts. What I see when I go down to the registered courts is a stack of legal individuals on one side, mainly with the banks, and then some lay litigant or lowly solicitor on the other side trying to do battle. In an awful lot of those cases, they tell me, and I...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: It is similar to what is supposed to happen here, where the rights travel with the loan. That does not happen. I have seen cases where the regulated entity told clients to write to it and ask it for the information. I have dealt with clients who did that. One, with whom I am directly involved, did so last Christmas and has received no response whatever. This is done in the hope that the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: That is fine, but in some of his commentary, Mr. Burgess is saying that these people are not engaging. I am telling him that that is not true.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: That brings us to the point that David Hall made earlier. Those people who simply do not have the funds to make payments have to go somewhere.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: We cannot just tell people that we are going to repossess their home, and good luck. As some members said earlier, many of those people were led into this debt. They went in for a loan of €80,000 and came out with €120,000, a loan for a car and maybe a loan for a second car. The banks are as much to blame for all of this as anybody else. We bailed out the banks. I do not...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: And if it was vetoed by the bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: I refer to the vulture funds and their attendance here at committees. The banks are hard-nosed commercial entities, which are difficult to deal with. The vulture funds are worse. I do not think they have any morals whatever. They are cold individuals to deal with. They have no compassion or humanity. They want to kick the last shilling out of people and they will beat up the citizen in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Resolution of Non-Performing Loans: Discussion (Resumed) (17 May 2018)
John McGuinness: No, we will take up Mr. Burgess's suggestion on that. However, it is very difficult for anyone commenting, or for us as public representatives, to get a feel for what is happening in the economy, in society or with the borrowers without having this wide ranging information on vulture funds and the entities that represent them. We have to get to that point. The feeling on this committee is...