Results 20,281-20,300 of 26,053 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: The par value of the loans is €1.8 billion, amounting to 8% of the overall loan book.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Of that, fewer than 1% of those loans are tracker mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Any bidder will not be getting too many tracker loans, which makes this an attractive loan book. Would the liquidators consider asking the bidders for a bid in respect of where the code of conduct would apply and one where it would not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Why not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Yet the liquidators valued those loans. Is the independent value above or below the book value or the estimated realisable value at the time of the liquidation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Is it above or below?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: The book value of the loans is €13 billion while the estimated realisable value is the same figure. Is the independent value above or below what the former directors valued it in the statement of affairs?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: The borrowers have to stick to the terms and conditions of their loans. However, the liquidators are selling off a loan book where the purchasers will not have to apply the code of conduct legally. As all the bidders have agreed voluntarily to abide by the code, will the liquidators ask them to bid on the basis that they will legally comply with the code?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Kieran O'Donnell: Will Mr. Wallace give me a reason? It is only 8% of the loan book; 99% of the loans are variable rate, and it is a vulnerable group. Yet the liquidators are telling me they have no legal protection.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: In terms of the process in the SMEs or ordinary business people paying their taxes, if they go on the debit does it physically hit their accounts? Do they also have a seven or four day time lag?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: That is the question I am asking. Has Revenue examined that?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: What is Revenue's broad view on it?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: They would have issues at their end in terms of debits coming in.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: Is Revenue conscious of the fact that from a cashflow viewpoint many businesses are working off debits in terms of payments?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: The other issue coming up in business is that creeping into the cycle is the number of days' credit being taken by many companies, particularly the larger companies, with SMEs is increasing. A number of SMEs have told me that the days of credit they must give are increasing from 30 to 60 or 90 days. That is a major factor that must be borne in mind.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: That will mean €124 million in total.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: Regarding Revenue investigations into small and medium-sized enterprises, SMEs, and larger corporations, the large cases make up 6% of the total yield from penalties and interest payments. In 2012 there were 127 investigations into large companies. How many ended up being published?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: How many of the ones relating to SMEs would be published? Are there more working on these? How are the skills sets of those working on these cases spread around? How would these cases arise? Would they be the result of voluntary disclosures? I suspect most cases arise from risk-based analysis on the part of Revenue.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: Is it 80% of the overall tax take?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 23 - Revenue Collection
Chapter 24 - Management of Revenue Debt
Chapter 25 - Taxpayer Compliance
Chapter 26 - Corporation Tax Losses
Chapter 27 - Tax Audit Settlements (20 Feb 2014)

Kieran O'Donnell: Does Ms Feehily see any contradiction in the fact that the large cases account for 80% of the tax take but only 16% of penalties?