Results 23,281-23,300 of 26,092 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: With a fair wind, how early could IBRC wind down?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: And from NAMA.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: Mr. Aynsley has suggested IBRC could more than halve its loan portfolio by the end of 2014.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: The Chairman indicated that I was next to speak.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: Thank you, Chairman. In the limited time available to me, I will focus on some specific points. Mr. Dukes referred in his opening statement to the final cost of the wind-down operation. What does he anticipate will be the residual value of Anglo Irish Bank's balance sheet when it is wound up? The context to my question is, of course, the promissory note. When does Mr. Dukes expect that...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: Does Mr. Dukes anticipate that will happen in 2020?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: Can Mr. Dukes be more specific?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: Will he give us an estimated time?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: Mr. Dukes has indicated his expectation that it will be done in advance of 2020. I am simply asking for a more specific estimate.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: What was the anticipated residual value at the time the promissory note was put in place? I am trying to ascertain whether that estimate has changed in the interim.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: The delegates were engaged in the design of the promissory note back in 2010. I am asking about the residual value that was factored into the note at that time.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: The promissory note was based on flows back - that is, a discounted value of funds that flowed over a period of time back to a current market value. This has huge significance in terms of the cost of the banking recapitalisation to the State. Was the residual value built into the estimated cost at the time of €34.7 billion? I am sure the delegates understand the point I am raising here.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: In the limited time available to me, I have put a straightforward question. This is a critical point.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: The point I am making is that if the expected residual value of €8 billion was not factored into the valuation of the promissory note, there is an opportunity now to factor it in.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: Was it €8 billion?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: Was it much less?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: It was €4 billion rather than €8 billion. This means that in the context of our deliberations with Europe, there is now an additional €4 billion to play around with. That should be factored in as part of our efforts to bring down the overall cost of the promissory note to the State.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: I accept that. However, the fact remains that the residual value has increased by €4 billion over the estimate at that point in time.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: I am merely soliciting information to enable me to make the proposal.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)
Kieran O'Donnell: For me, it is very straightforward. There would seem to be a window of opportunity at this moment in time in that the estimate of the residual value is now €4 billion greater than it was at the time the promissory note was put in place. That is the point I am making. Unfortunately, my time is up. It has been a good six minutes.