Results 22,261-22,280 of 35,894 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of NAMA: Discussion (16 Dec 2015)
Pearse Doherty: It is a matter of fact that Mr. Cushnahan was a member of the Northern Ireland committee until November 2013. It is also a matter of fact that decisions on the sale of the portfolio were taken by NAMA in 2014 independent of the Northern Ireland advisory committee, then or previously, and independent of anybody else, other than the NAMA board and the commercial rationale for the sale.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of NAMA: Discussion (16 Dec 2015)
Pearse Doherty: That is not the question. I expect to receive an answer to a direct question. Does Mr. Daly accept that Mr. Cushnahan, as a part of NAMA, was included in NAMA when the transaction was going through? When he says NAMA did nothing inappropriate-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of NAMA: Discussion (16 Dec 2015)
Pearse Doherty: But during the process-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of NAMA: Discussion (16 Dec 2015)
Pearse Doherty: Therefore, he was meeting PIMCO for the good of his health.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: I am not agreeable to that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: Go raibh maith agat. Will the witness explain the risk-based rationale that the credit union sector has the support of the imposition of the savings cap at €100,000?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: What is that risk-based rationale? I am well aware from previous statements and the knowledge we have of what is the average deposit in savings in credit unions but what is the risk-based rationale that the witness carried out within the bank that led to the belief that a cap of €100,000 was appropriate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: The same risk would apply to any financial institution out there, whether the AIB or Bank of Ireland, if there were depositors, savers, in those banks who were to lose funds as a result of resolution or liquidation. We have seen a number of situations in the past but there is no imposition by the Central Bank to say that nobody can save above €100,000 in those institutions. What is...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: Who came up with the idea?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: When the witness says "we" I am looking for a specific-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: Yes. The Registrar of Credit Unions is not autonomous. It reports to banking supervision and falls under the remit of banking supervision. Was it the witness who came up with this idea, was it a higher level which deals with banking supervision in terms of not just credit unions but all the other banks or was it at a higher level, in terms of Mr. Cyril Roux, or the Governor of the Central...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: Just generally, from where did the proposal of the €100,000 cap emerge?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: It is not. Sorry, just to correct the witness.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: The statutory mandate of the Registrar of Credit Unions is not to protect members' funds, its statutory mandate is to ensure that the credit unions protect members' funds. There is a very clear distinction because one is going over the head of the credit unions and the other is working with them to make sure that the appropriate regulation is in place to ensure there is no risk to members'...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: So the proposal originated from the registry-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: The proposal originated from the registry. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: And the proposal was obviously a tiered approach which the Registrar of Credit Unions has decided to scrap and go with the blanket approach across the credit union sector. Can I put it to Ms McKiernan that, basically what she is telling the committee is that some credit unions may go into resolution in the next number years and there may be losses to members' funds if they have deposits...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: I have two questions and I will try to be brief. The registry previously stated that the credit unions would need up to €500 million, which, obviously, frightened members at the time. It turns out that only €20 million was required and has been drawn down. Does the registrar regret using that figure and how was it got so wrong? Does the registrar also believe that the money...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: Can I ask my final question?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (Resumed) (16 Dec 2015)
Pearse Doherty: I got to ask two questions. I had to press the first question a number of times. I only asked who came up with the idea and it took approximately seven minutes to answer the question.