Results 28,581-28,600 of 35,924 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: The Minister is not here to answer the questions I am asking Ms Nolan as an official. If the Minister wants to come in and defend himself he is more than welcome. He was invited but he refused to appear before the committee. The Minister can do that. I am asking about the powers vested in him. Obviously the answer is right. Now we will go to the point Ms Nolan has raised. The issue...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Okay, why do we not issue a directional order to stop the sale and bring forward the legislation which the Government has agreed to bring forward and then proceed with the sale again? Why cannot we just do that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: I take with a pinch of salt the commitments that the officials and the Government have given in this issue. Despite the fact that the Minister issued a statement last night saying he will legislate, and Ms Nolan has reiterated those points, she has not been able to confirm to the committee that the legislation the Minister is thinking about introducing could affect the new owner of those...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: I want to ask the special liquidators two questions. I presume the liquidators are on course to meet the targets for loan disposals. How many people - if the liquidators do not have the number they can supply it to the committee or to me at a later stage - bought their loans directly from IBRC in the competitive tender and so would have got a writedown, and what was the overall reduction in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: I will finish on this. The other issue is on the former CEO of Anglo Irish Bank, Mr. Mike Aynsley, IBRC. He is a joint defendant in regard to the racketeering cases going on in New York. I understand the liquidators have provided a statement saying Mr. Mike Aynsley may well look to the bank for his costs. He is still a company director at the Companies Registration Office in Ireland and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: With your indulgence, Chairman-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: -----on the conversations the liquidators had with the potential bidders on the voluntary acceptance of the code of conduct did they ask the bidders at any time during those discussions for a legal guarantee? Was that every pursued on behalf of the mortgage holders?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: The witness never asked.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Mr. Wallace never asked. Does he intend to ask?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Why not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: How quickly could legislation be drafted that would provide protection for mortgage holders whose loans are being sold to unregulated entities, as promised in the programme for Government? If the Minister for Finance were to telephone Ms Nolan after this meeting informing her that the drafting of such legislation was a priority, how quickly would the legislation come before the House?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: I understand that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: IBRC was liquidated overnight, albeit with a little work. We all remember the shenanigans associated with the relevant legislation in the Dáil Chamber. The consequence of that is the sale of the loans of 13,000 mortgage holders. My focus is not solely on those mortgages, because mortgage holders with the Royal Bank of Scotland are in exactly the same boat and do not have any...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: I am also interested in corporate governance. For example, if a partner in a company that is providing advice ends up buying the book of an entity that is regulated by the Central Bank, Ms Nolan, as a senior official, should be interested. That is not my focus, however, so I will cut to the chase. Please correct me if I am wrong. The Government's stated position is that it wants to ensure...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Regarding the voluntary entering into the code of conduct on mortgage arrears, if the preferred bidder decides to purchase these and flip them, how stands that offer to enter voluntarily into the code of conduct on mortgage arrears? We know what is happening. These loans are being flipped, and it is not beyond the realms of possibility that these loans will be flipped again in a number of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: Has any comfort been given to the potential buyer to ensure it has a contract with the mortgage holder in the event that a contract becomes unenforceable? Has the Department of Finance given any letters of comfort, indemnities or undertakings? Can there be any recourse if the mortgage is not enforceable? My last question is for the Department of Finance regarding Tanager. There are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: That is a whole separate matter regarding A&L Goodbody, Tanager and Bank of Scotland.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: I ask the Department to answer the same charge that the independent advice came from a legal firm which advised Irish Nationwide on corporate governance and that employees of KPMG are making these decisions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: We will revisit the matter. I have also put questions to the Minister on it. In regard to mortgages, the special liquidator expressed the view that the preferred bidders will honour legal agreements and referred to the restructuring that has taken place in IBRC. Will restructuring agreements affecting individuals with split mortgages or interest only mortgages be regarded as legal agreements?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Sale of IBRC Mortgage Loan Book: Discussion (26 Feb 2014)

Pearse Doherty: I welcome that it is possible to put a clause into the contract on honouring restructuring. Mr. Wallace indicated that he is legally precluded from interfering with the issue of statutory compliance with the code of conduct on mortgage arrears but I presume that the compliance with restructuring would be done on the basis of a legal agreement in the contract.