Results 22,441-22,460 of 26,228 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: No. I am asking about the procedure should the banks avail of the provisions that applied prior to the requirements of section 149 of the Consumer Credit Act 1995 to increase existing charges up to ceiling level, based on what they had notified prior to the introduction of section 149 provisions in 1996. Are they required to get approval from the Central Bank at present for such changes in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: Therefore, for many of the charges that the banks have introduced since 1996, the banks did not and do not require the approval of the Central Bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: I know that, but does Mr. Sheridan know the number of increases that were introduced by the banks per annum since 1996 under the old legislation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: The devil is in the detail. My point is that it is clear there is a major problem. The banks are clearly using the old provisions to bring in charges. The issue is the differential in margins. I suspect that the banks are doing a hybrid based on the charges that require approval from the Central Bank. They appear to get a high rate of approval from the Central Bank. Then they are mixing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: Is there any discernible difference between ATM charges and over-the-counter charges? Mr. Sheridan quoted the fees but they do not appear to be significantly different.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: That is not the public perception. The banks state all the time that it is far more cost-effective to use the ATM or to bank online, yet the prices appear to be no different. What is going on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: They are shutting down branches all over the country.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: Can the witness provide us with that breakdown? With due respect to Mr. Sheridan, these are questions he should be able to answer today. They are routine questions which he should expect us to ask. I presume he does not have the answers to hand but I ask if they could be provided to the Chairman. I have a brief question for Mr. Fielding. Are legitimate loan applications from SME...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: Is there a difference in the attitude towards SMEs as between the three banks, AIB, Bank of Ireland and Ulster Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: If I may finish with Mr. Sheridan.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: The Central Bank and the Oireachtas have a responsibility to restore confidence in the banking system. The banks had free licence for the past 17 years to impose charges at will without reference to the Central Bank. This defies logic, in my view; it is inexplicable and shocking. I ask Mr. Sheridan to provide us with the information we have looked for so that we can probe this further. I...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: What legislation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: Was that before 1996?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: Was it section 149 that came into effect in 1996?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: There would have been a stampede of banks before the legislation came in. I would say they were lodging the charges in truckloads to the Central Bank. This defies logic. Legislation was brought in. I would say the boys got up on their coach and four and drove into the Central Bank's front yard and said "Lads, keep the trucks coming because we want to get all these notified charges in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: I apologise. I need a calculator. I do not want to lose my train of thought. My point remains valid. How in the name of God can banks bring in charges that they lobbed in before the legislation was introduced? Why were the brakes not put on at the time to prevent them from bringing in these charges? How many were notified before the legislation came into effect? How were they allowed...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: What Department was it under at the time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: Was it the Director of Consumer Affairs?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: I want to go back to 1996. Is Mr. Sheridan telling me that anything that was notified to the Office of the Director of Consumer Affairs prior to the commencement of section 149 in 1996 can be activated now without approval from the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Kieran O'Donnell: That is absurd. It equates to negotiating a ceiling with a customer and telling him or her that in 17 years' time it can be increased to whatever rate the bank wants. No business person in the world would accept that. It is a blank cheque for the banks, not to put too fine a point on it. I am lost. I am trying to comprehend whether I am correct.