Results 26,641-26,660 of 35,894 for speaker:Pearse Doherty

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

Pearse Doherty: One of the big concerns about what the witnesses are arguing for is that it allows banks to issue high loan-to-value ratios, providing more credit to consumers who bid against each other where there is a lack of availability. A cap on the house prices that can be eligible could have the effect of quelling that fear. Mr. Mas mentioned the sum of €225,000, but he is probably not going...

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

Pearse Doherty: As providers of mortgage insurance who were operating during the property boom - I am aware the witnesses say this was also common practice before the property boom - how many customers would have availed of their products? The witnesses' organisations were in the market during the property boom and the reason they are not in the market any more is that the 100% loan portions they insured...

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

Pearse Doherty: With apologies for cutting across Mr. Mas, the point I would like to get to is that banks - we are not aware which ones the witnesses provided with their services - may have lent to customers who subsequently lost their houses as a result of the companies coming in and saying they would insure a certain part of that mortgage. This allowed that bank to take more risk - Mr. Mas has described it...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Pearse Doherty: Four parents. The Minister of State is stretching it a wee bit there. Consider the guidelines that are to be issued. The measure exists in the tax code at present. It is very clear and it is right that it is included because it protects parents who support children through normal duties and education. I welcome the closure of the loophole if it is for the purpose intended but I question...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Pearse Doherty: I appreciate that. There is a need for greater clarity on this matter. Deputy Creighton made a number of remarks in respect of homes in which people have lived all their lives. My understanding is that if one has lived in a house all one's life and if it is one's principal private residence, one is not liable to pay this tax in the first instance. Perhaps Deputy Creighton does not...

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Pearse Doherty: That is fine. I want clarification on a second point because I could not follow the Minister of State's reference to €12,000. The threshold is €3,000. Is the Minister of State talking about a 24-month period? What is the position?

Finance Bill 2014: Report Stage (Resumed) and Final Stage (26 Nov 2014)

Pearse Doherty: There has been a great deal of media commentary on this section. That commentary has stemmed from Arthur Cox, a law firm with many clients at the top levels of Irish society. I am not sure that they are sons or daughters whose parents are passing small or moderate amounts of money on to them. However, that does not take away from the issues with this section of the Bill that have been...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Pearse Doherty: I do not suggest kicking to touch in the long term, but we should figure out what we are proposing in terms of a guarantee scheme, the structure it would have and how it would align with what the Central Bank is considering for the loan to value ratio. I agree that a loan to value ratio must be introduced. It will not surprise Professor Honohan that the final point I wish to raise concerns...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Pearse Doherty: Cuirim fáilte roimh Professor Honohan. I will begin with a question on an issue that is currently receiving attention in the media. Was the Governor consulted regarding the release by a senior board member of the ECB of the Trichet letters and, if so, was it the first time he was so consulted? Will he indicate his view on the release of those letters?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Pearse Doherty: I appreciate that. The banking inquiry has proceeded to part two and I am sure those matters will be dealt with in more detail there. My next question relates to the shape of Irish banking at this time. Despite being so far into the crisis, we do not yet have a good, functional banking system. There are question marks over Permanent TSB, with its restructuring plan having been knocked...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Pearse Doherty: What Professor Honohan is saying is interesting. There are suggestions that AIB might be moving in the direction of being sold to a larger multinational bank. The Governor seems to be indicating that he would support a type of Irish Sparkassen along the lines of the German model. I understand there is a lot of work being done by different groups here to tease out that possibility. ...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Pearse Doherty: In regard to variable interest rates, Professor Honohan basically acknowledged that the banks are overpricing new customers but the Central Bank will do nothing about it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Pearse Doherty: That is the way the Governor put it. We can dress it up whatever way he wants, but that is the reality.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Central Bank (26 Nov 2014)

Pearse Doherty: We have a problem with competition in the banking sector. One can make the case that to take action on this issue would encourage competition among the banks. The problem is they are not competing. As they are dominating the market, there is a need for the Central Bank or the Government to act. I do not have the time to tease out the matter further. On the consultation being carried out,...

Finance Bill 2014: Report Stage (Resumed) (26 Nov 2014)

Pearse Doherty: I strongly disagree with the amendment. It is only right and proper that the Government has finally moved to close off the double Irish. On previous occasions I have made my points clearly in respect of this matter and the transcripts of the proceedings of this House show the engagement I have had with the Minister, Deputy Noonan, on it. It is obvious that either the Minister was not aware...

Finance Bill 2014: Report Stage (Resumed) (26 Nov 2014)

Pearse Doherty: I am disappointed that this is the Government's position. As for the Minister of State's comments about letting the scheme operate for a year, I argue the same thing, which is to let the scheme operate for a year. I note the scheme has never operated and yet there have been substantial changes to it, some of which were for the better. Moreover, some of these did not originate from the...

Finance Bill 2014: Report Stage (Resumed) (26 Nov 2014)

Pearse Doherty: I will conclude on this point. I would like the Government to keep a close eye on it. While I acknowledge the Minister of State indicated the entire scheme will be under review, I ask him to pay close attention to that link in the context of breaking the link between living and commercialisation. Perhaps before this time next year, Members might have something published to enable them to...

Finance Bill 2014: Report Stage (Resumed) (26 Nov 2014)

Pearse Doherty: I move amendment No. 24:In page 63, between lines 36 and 37, to insert the following:"Report on section 372AAC of Principal Act32. The Minister shall lay before the House, within six months, a report on the effect of the deletion of paragraph (c) of section 372AAC of the Principal Act.".We have held a lengthy debate on this section, which deals with the living city initiative. My amendment...

Finance Bill 2014: Report Stage (Resumed) (26 Nov 2014)

Pearse Doherty: Yes.

Finance Bill 2014: Report Stage (Resumed) (26 Nov 2014)

Pearse Doherty: If it is so readily available there should be no reason why a report would not be laid before the Houses on this issue. If it is so easy to compile such a report why is the Government opposed to such a measure? I attempted to oppose this section but was ruled out of order because of the stringent rules placed on the Opposition in respect of money Bills. The Government is increasing the...