Results 20,441-20,460 of 26,228 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: This is not a normal liquidation because taxpayers effectively own IBRC. The price is clearly factored into the voluntary commitments. If the liquidators allow bids to be made on the basis that they will be required to comply with the code of conduct, they will flush out individuals who are seeking to flip the loans on rather than comply with the code of conduct. Would it not be best...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: How much of the IBRC loan book, in terms of value, does Mr. Wallace expect to be moved to NAMA? On what date was the independent valuation conducted? What does Mr. Wallace anticipate will be the return to the taxpayer from the sale, or will the IBRC liquidation impose a cost on taxpayers? What are the current projections?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: Have any of the sales made to date been completed at a price significantly higher than the independent valuation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: How many of the loans will end up moving to NAMA?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: That would be just short of 30% of the loans.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: How much was anticipated to move to NAMA at the start of the process?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: What was the level?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: On what date did the independent loan valuations take place?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: When were the other valuations completed?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: Could one make the case that the independent valuations were too low and the buyers are getting bargains, given that 80% of the loans will be sold on the open market and 20% are expected to move to NAMA?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: I hope the margin will be above the independent valuation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: Will Ms Nolan give the background to the reluctance, prior to the sale, to amend the legislation to require the buyer to comply with the code of conduct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: What is Ms Nolan's position on the possibility of introducing a general change applicable to everyone prior to the completion of this sale? Ultimately, this relates to people's lives.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: I would like the witnesses to clarify a number of points, the first of which relates to the inclusion in the bid of a provision suggesting that a legal commitment would be provided on the code of conduct. The Minister stated that he would legislate if the buyer did not abide by the code of conduct once the sale had been completed. A voluntary understanding has been reached with the bidders,...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)
Kieran O'Donnell: I welcome the delegation. It has been made a condition that any bidder must honour restructuring arrangements already agreed. If it were made a condition of sale that they must comply legally with the code of conduct for mortgage holders, what would be the difference in value?
- 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?