Results 22,601-22,620 of 35,889 for speaker:Pearse Doherty
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: I am sorry but I did not pick up on the point about the smaller banks.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: I assume that is based not on where they have their headquarters but where they are regulated. Would that be correct?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: We have international banks headquartered here. If an international bank is regulated here, would it pay into the fund?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: That would be as well as all smaller banks. We are basically saying that only three financial institutions are falling into this category because of how they are regulated. Is that correct?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: Yes, I understand that. Let us say we have ten banks instead of three. The Minister has mentioned the two pillar banks and Permanent TSB. If we imagine we have ten banks, would all of them have access to the fund and contribute to it? When this was originally announced, it numbered two or three larger banks across member states. How does that work?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: Is that so even if they do not contribute to it?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: Let us take Ulster Bank, for example, which has announced it is splitting its businesses from being an all-Ireland institution which reports to Britain to reporting on a Twenty-six Counties and Six Counties basis. Just to tease this out, let us hypothesise that the bank would take another leap, with the southern business being regulated under the Central Bank. Where would Ulster Bank be...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: It happens automatically. Are thresholds set down in terms of asset size such that if a bank goes over a certain limit, it automatically falls into the criteria?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: I will speak about the smaller banks. There are a number of a small financial institutions that are trying to break into the market, so if one of them does so and starts taking deposits, issuing loans and so forth, will it contribute to the fund? Some of them are already operating here.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: Yes, I understand that is the case when it is an arm or offshoot of a parent company.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: Yes, I understand that, but I am talking about a domestic bank. We do not have such an example now but if one were created, where would it be?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: I appreciate the clarity. The follow-through from those comments is that every bank in Europe will contribute to the fund either through its parent or-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: Okay. Every bank in Europe will contribute to the fund and have access to it.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Single Resolution Fund Motion: Discussion (3 Nov 2015)
Pearse Doherty: What about internationally owned banks that are non-European but headquartered in the United States or some other jurisdiction? If they have an operation in Ireland, how would it lie?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)
Pearse Doherty: Perhaps the Minister would clarify some points on sections 8 and 9 pertaining to the deposit guarantee scheme. I know there has been consultation around whether low risk entities should be paying a lower rate. The credit union movement has made a strong and convincing argument that, given the risk nature of the credit unions and given that there are other funds in operation, it falls into...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)
Pearse Doherty: I believe that the credit union movement has made a very strong argument in regard to the risk profile of its institutions and the fact that they are individual entities with their own boards etc. I would be interested to hear the Minister's or the Department's view on the adequacies or inadequacies of the level of the other funds available to the credit unions and whether, if those...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)
Pearse Doherty: That goes without-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)
Pearse Doherty: The disposition of the House towards the credit union movement goes without question and is broadly shared across the political spectrum. However, I would agree with the Minister that whether we like their ethos and what credit unions do, it does come down to risk and we must act prudently and responsibly. That is why I agree with the Minister's point on risk. Will the Minister indicate...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)
Pearse Doherty: Will the members get a bite of it again before a decision is made?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance (Miscellaneous Provisions) Bill 2015: Committee Stage (3 Nov 2015)
Pearse Doherty: The Minister says that he has until 31 May 2016 to finalise the matter but is he expecting to make the decision prior to that date?