Results 28,441-28,460 of 35,924 for speaker:Pearse Doherty

Garda Inspectorate Report on the Fixed Charge Processing System: Statements (26 Mar 2014)

Pearse Doherty: Is an offence committed if there is no consent?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: I can understand that. The Minister for Finance gave his commitment to the extent that he could, presumably on the advice of the officials before us, to support this initiative for Greece. When we were being asked to support these measures in November 2012 and during the preceding months, did we at least ask for similar treatment for Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: Was that a "Yes" or a "No"?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: I wish to ask some technical questions to clarify the issues arising in respect of legislation I am currently drafting. The legislative programme mentions a security markets programme Bill, which amends the Central Bank Act 1971. Is that Bill related?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: There is a separate Central Bank Bill in section C. Is that a different Bill?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: What will happen when ICS transfers its mortgage and home loan assets to Bank of Ireland? There is potential for an unregulated third party to purchase those loans, in which case we will have a repeat of what is already under way in terms of mortgage holders no longer being protected by the Financial Ombudsman and the code of conduct on mortgage arrears. Has that issue been considered or is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: Even in the case of an institution, such as AIB or Bank of Ireland, which operates in the market, the protection of the Financial Ombudsman and the code of conduct is required because people are still using these facilities to protect their interests. It is not the case that the protections would not be needed. I will not support the legislation if it facilitates the sale of €1...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: I have only one question. I am sure we will have ample time to debate the Bill on Second and Committee Stages. Could we include a provision that the assets can only be sold on to regulated institutions given that the Bill only amends the Central Bank Acts in respect of ICS?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: The problem is that we know these assets will be sold on to a third party. We do not have that knowledge in respect of the other assets in Bank of Ireland. If that bank was to sell a big loan book, Mr. Mac Donncha can rest assured that Opposition Deputies, at least, would argue that the same protections should be put in place. It stretches our generosity to ask us to facilitate the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: When I heard the committee would discuss the heads of this Bill I thought I should set aside a lot of time because Department officials have missed deadlines. Then I saw this paragraph. What is so tricky about this? It looks quite simple but I know sometimes it is not that simple and involves a lot of work and contact with the Attorney General and the Central Bank. Yet, what is before us...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: There was a deadline for the ICS element, which was missed but looking at the heads of the Bill it seems quite simple. What was the delay? I support the idea of not attaching this to the Credit Reporting Bill because that was important in its own right. Why was the deadline for the ICS element missed? Why was it so difficult to produce this head?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: I was just interested in that. Let us go back to the Greek part of this, the ESM. The witnesses said this State would disburse €124 million to the Greek Government up to 2026.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: How much of that would be in feta cheese? The Minister told us our connections are very small, only a bit of feta cheese here and there. That would amount to quite a few baskets of it. Why is the €160 million written here, if the amount is €126 million? What are the variables?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: Does the 2013 payment not have to be paid?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: We received €26 million from the Greeks in 2012, which was the interest we had accrued. That was in a response to a parliamentary question I tabled. Do we not have to pay that back?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: The payment starts from 1 January 2014.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: The figure will come down to €126 million. The payments are calculated on a sliding scale, starting with €31 million on 1 July. Can Mr. Ó Brolcháin explain the reducing effect?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: I understand. Can Mr. Ó Brolcháin furnish the table for the sliding scale to the committee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: We mentioned earlier mixing both in terms of the reduction to 1% and the loans of €357 million issued, with the bonds, and the profit to be made by the Central Bank. Why are we agreeing this legislation for a country that is struggling when other countries were not so generous to us when we were struggling?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Draft Heads of Central Bank Bill 2014: Department of Finance (26 Mar 2014)

Pearse Doherty: This is urgent legislation that was supposed to be introduced. There was an attempt to append the Greek part of this to the Central Bank (Supervision and Enforcement) Act.