Results 22,281-22,300 of 34,135 for speaker:Paschal Donohoe
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: It is a matter for any shareholder to decide when to divest their own shares. While it is helpful to hear the views of others, as Minister for Finance it is for me to take a recommendation to Government. Before last summer, I made such a recommendation on the disposal of more than a quarter of AIB. That proved to be a very successful floatation for AIB and a very positive transaction for...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: I do not have that information. This may be information that the Governor of the Central Bank can provide. From my engagement on the matter since then, I have had a mixed experience of the issue. While I have always been very clear about the powers that are available to me and those that are not, I have heard some express a degree of satisfaction with the way in which the issue has been...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: I am satisfied, and I expect that the deadlines I have set with the Central Bank on this issue will be met. I wish to make two concluding points. I will not be the person to make the adjudication on that; it will be the Central Bank. It will make an assessment on the issue and report back to me. I would be very cautious about expressing a view that collective resolution of the issue...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: There are two different parts to the Senator's question. On the work involved, the work has been described to me from both the point of view of the regulator and the point of view of the banks themselves. Many hundreds of people have been involved in doing this work. In many cases the work involved going through individual bank records of people to assess whether they had been affected by...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: No. It would have been done by the banks, but auditors would also have been involved.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: No. This is a part of a concern I had in the second half of last year. The figures for those who were affected by this issue had to be agreed by the Central Bank. When the figures were presented to the Central Bank, it ultimately decided if the figure was too low. That involved the Central Bank looking at the audit trails, its own staff engaging with the staff of the four banks and then...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: I am confident we will know the full answer to that question in March when the Central Bank reports back to me with its final adjudication on the numbers of people affected. Regarding my confidence on the figure now, it is possible the figure will increase. However, I do not believe it will increase to the extent that it increased between March and December last year. While it may change,...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: That is a matter for the Central Bank. Clearly, a numerical fact that will kick in is that the quantity of activity in which these banks were engaged is a fraction of the activity of the other banks. The root causes of it and any company-specific causes are a matter for the Central Bank to draw conclusions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: We will when I have completed this process.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: It varies by bank depending on what is our relationship with the bank. I will come back to the Senator with the numbers of vacancies, per bank, that we are looking to fill.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: Yes, but the additional layer is the responsibilities they have due to the activities of the Single Supervisory Mechanism, SSM. There are very rigorous responsibilities that they have to fulfil. I look forward to appointing people to do this work who will be independent and challenging directors.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: That is correct.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: My Department is provided with minutes of the board meetings due to the relationship framework we have agreed with the banks. The shareholder management unit of the Department of Finance receives the minutes. I do not see a copy of them myself.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: The banks in which we have shareholdings.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: No, it does not. I want to make sure that I am clear on the bank to which the Chairman is referring. Did the Chairman refer to the Central Bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: No, I do not receive-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: Those commercial banks-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: -----share the minutes of their board meetings with the shareholder management unit of my Department but I do not see them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: The unit examines them. In truth, if there are any issues relating to the banks that are important to me as Minister, they are flagged to me, even in advance of them being discussed at board meetings.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)
Paschal Donohoe: No. I have engaged in this matter to look at how we have managed our relationship with the banks. If one looks at the engagement we have had with the boards of the banks through the minutes that are shared with me, it did not give an indication of the kind of evolution of this issue we are now seeing.