Results 20,601-20,620 of 26,053 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: What legislation governs the licensing of moneylenders?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: Is the Central Bank prohibited under the legislation from imposing interest caps? Is there anything within the legislation that prevents the Central Bank from imposing an interest cap at the moment?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: Mr. Sheridan referred to the issue of alternatives. I agree with him that one has to find an alternative. The credit union model is structured, community-based and has the skill set. The problem with the structure of that model is the restrictions on it. It would be very informative if the Central Bank, working with the registrar, would commit to carrying out a review, taking into account...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: Can Mr. Sheridan give a commitment that this area will be looked at positively by the Central Bank and the registrar? Will the Central Bank look at that issue and speak to the registrar?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: They are similar questions. Are they operating a cartel and is there a relationship between them? What bad debt provisions exist for moneylenders versus ordinary banks? It is disturbing and shocking that any body charges nearly 300% APR. That is being charged when people cannot afford it. Did the bank consider how they come up with cost of funding?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: They are using cash.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: Does that mean they use cash?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: There is no cost of funding in that case.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: What alternative costs?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: If using them for alternative purposes, what could be got on deposit in a bank now?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: What is the typical rate of interest paid by a financial institution for money on deposit?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: Perhaps 2% or 3%. These people are charging 287% APR. I do not need a calculator to tell me there is something wrong in that respect. To get to the nuts and bolts, did the bank consider the cost of funding for the moneylenders?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: What is the level of bad debts relative to ordinary banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: I am a bit perplexed. How could a moneylender charge nearly 300% in interest on a loan? Mr. Sheridan has indicated that, in effect, all loans are repaid and many moneylenders are giving out cash reserves rather than money which they have borrowed. How can some of these not make a profit? If a model is to be built to lend money to people who cannot access it elsewhere by looking to make a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: In the limited time I have, I am asking a very direct question. Is this model flawed? How can it be justified that these moneylenders - which for all intents and purposes are now the poor man's bank - charge up to 300% APR, when typical APR for a loan is between 7% and 10%? Even credit cards charge approximately 19%. The Central Bank is the custodian of this area so how is this allowed to...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: The problem with the model that is-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: This is an important point. The Central Bank has admitted there are effectively no bad debts in the industry. People are being put in a cycle of debt upon debt from which they cannot escape. Is the Central Bank standing over the process?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: Will Mr. Sheridan reply?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Kieran O'Donnell: Why is it not being changed?