Results 25,761-25,780 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Let me deal with the sentiment because Ms Hunt states that the sensationalist approach to the programme in CBRE's view was irresponsible as property is a very important issue and ultimately the general public would take the sentiments expressed on board when deciding whether or not to make what is essentially the biggest financial decision of their lifetime. Would that first-time buyer in...
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: I appreciate that. Ms Hunt went on to say in her statement that would-be first-time buyers who had heeded equally dramatic and incorrect predictions in the past had lost out significantly, which would suggest she was saying they could lose out again. I am struggling to understand why, from the point of view of CBRE, which is not involved in the housing market and has no expertise in that...
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Was CBRE’s soft landing prediction also a hypothetical approach, like all predictions of that nature?
- Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)
Pearse Doherty: Evidence has been provided to this inquiry before, and we have met the authors of reports that were commissioned, which suggests that the global financial crisis only precipitated the crash. The crash was going to happen regardless because of the increased prices in commercial property and housing property and it was only a matter of time before the bubble burst. The drying up of debt...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: This is sometimes a bit difficult to follow and a royal mess for those who have claims with Setanta Insurance. The last thing they wanted to see was this to end up in the courts which will delay payment further. I appreciate all involved are doing everything they can to resolve this, however. Given their experience in this case, what do the delegations believe needs to be done to ensure...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: Mr. Hession spoke at length about the preventive arm of the framework to ensure that a company does not go belly up. While we may be one of the unique countries to have an insurance fund, it is of little comfort at this point to claimants with Setanta Insurance because they are not clear as to who will meet their claims. Maybe it is premature, given that legal clarity is required around...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: Then the Government asked the Attorney General for her opinion.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: Will Mr. Quigley explain to me the process as to how this is determined?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: I presume the Department of Finance and the Department of Transport, Tourism and Sport can decide not to be a party to this. It would be financially beneficial to the State if the MIBI were subject to paying out on some of these claims.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: Obviously, it will reduce the liability on the State from the insurance compensation fund. Is that not so?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: Yes, but there are costs associated with it when one has to make big lump sum payments and it also affects borrowings in that one has to borrow the money if one does not have it lying around. Has there been a determination that the Minister will argue that the MIBI is not be liable for this payment? Has that decision been taken within the Department?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: Mr. Quigley can correct me if I am wrong, but he has said he did not have access to the detail of the Attorney General's legal opinion. Does that surprise him? I know that the legal opinion is only for the Government.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: Without straying into the case but on the generalities, if the MIBI is liable, it is not governed by the 65% rule in the payment for claims. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: As regards those who have claims with Setanta Insurance, if the courts decide that the MIBI is liable, they could have them paid in full.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: As regards third party claims, for which the MIBI would be liable up to a level of 100%, with how many is the liquidator dealing?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: Therefore, the outcome of the court case for 1,444 claimants is really important. If the Minister is a party to this claim and wins, the claimants will only receive 65% from the insurance compensation fund, whereas if he loses and the MIBI is deemed liable, the claimants could receive up to 100% outside what the liquidator will then step in with. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: I appreciate that and that we cannot stray into legal matters, but this case could be of huge importance to 1,444 claimants. They could be paid extra as a result. We were talking about the insurance compensation fund, the MIBI being paid by its insurance policy holders and the State's share being recouped, but this is crunch time for claimants in terms of the payments that could be made....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: In relation to the benefit-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: We appreciate the clarification. Without divulging any confidential information, what are the highest third-party claims? What is the ball park figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Pearse Doherty: It is in excess of €1 million. If the insurance compensation fund paid out for that case, that party would be at least €350,000 short of the claim, depending on other factors. There was a bit of discussion regarding shareholders, and the liquidator is going to the courts to find out who is the beneficial owner of the company. I examined the company records for 2013 and...