Results 2,261-2,280 of 4,414 for speaker:Sean Barrett

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I refer to the 24 regulation. Would that include development levies or is that another item on top of that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: Senator Hayden and I found out in the Seanad that of the first batch of NAMA ghost estates offered, 10% were accepted by local authorities. I think it has gone up to maybe 40%. If one put them on the market, what would it do to price and availability because they are going to deteriorate? They are in the wrong parts of the country but one can commute to Edgeworthstown or wherever.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I thank the witnesses.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I welcome the visitors. I agree with what Senator Thomas Byrne and Deputy Pearse Doherty have said, that these visitors have played a huge role in formulating public policy on these issues. We had the insurers in this morning. As raised by some speakers, not only do we have a bank regulation problem in Ireland, we have an insurance regulation problem as well. We went through the list of...

Seanad: Flood Management: Statements (27 Nov 2014)

Sean Barrett: I welcome the Minister of State to the House and thank him for his contribution. I endorse everything Senator Colm Burke has said. There was a period when the lines "where we sported and played in the green leafy glade on the banks of my own lovely Lee" referred to sub-aqua sport rather than to any other kind. I look forward to the Minister of State or his successor singing the song when...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: On 6 November, Genworth’s share price plunged 38% and Standard & Poor’s downgraded the rating from BB+ to BBB- due to concerns with earnings volatility and overall risk position. Bailing out insurance companies is second in unpopularity only to doing the same for banks. The evidence from other countries such as Denmark and Canada supports the 20% mortgage deposit...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: Would a higher premium be required for the person putting down a deposit of 5% rather than 10%? Does the risk curve go up?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I am sorry for interrupting, Chairman. It was mentioned earlier that the banks would be paying for this. Have they shown any interest? Have any banks signed up yet?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: So we have four for Mr. Crone's scheme.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: The other problem - if I may include it, Chairman - is that in addition to banks going broke and costing us €64 billion, we have an unfortunate tradition of insurance companies doing exactly the same. These include ICI, PMPA, Quinn and now Setanta. Is there a danger in this - I am not referring to those present here - that an insurance industry that has not been well regulated could...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: One of the speakers mentioned the UK regulation, but I am sure all the visitors appreciate the concern that we in Ireland will have to get better at regulating insurance, given the problems we have had. The last one we discussed in the Seanad was Setanta which we thought was a Maltese company. There is still a possibility that there will be yet another levy here. Unfortunately for public...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: We were hoping earlier that the bank would pay - is that not right? - rather than be passed on to the mortgage holder.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I have a final question on uncertainty about insurance. The JLT document mentions FBD which had a stock exchange warning and a massive collapse of its share price in the last number of weeks. Genworth had similar problems on 7 November. It was reported that a credit rating firm cut the company to junk on concerns about its long-term care insurance business, but it included this one. That...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: Did Mr. Leddin take over some of the management?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I will not ask if Mr. Leddin formed any view of the rest of FBD. That would be a leading question. What about Genworth?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I thank the visitors for coming along at our request and helping the committee in determining how we get round this dilemma to ensure that we do not have a housing bubble again, given the damage done the last time. Is there a danger that the products we have heard described this morning become sub-prime lending? That would be my first question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: They mentioned-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Mortgage Insurance Schemes: Discussion (27 Nov 2014)

Sean Barrett: I am sorry, Chairman, of course.

Seanad: Order of Business (27 Nov 2014)

Sean Barrett: This morning the Christmas road safety drive will be launched by the Minister for Transport, Tourism and Sport, Deputy Paschal Donohoe, the Garda Commissioner, Ms Nóirín O'Sullivan, and the chairperson of the Road Safety Authority, Ms Liz O'Donnell. All three have been appointed to their posts relatively recently and I wish Ms O'Sullivan and Ms O'Donnell every success in their...