Results 29,441-29,460 of 34,956 for speaker:Seán Fleming
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Is Mr. Carrigan saying there are two tiers?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Will the day-to-day supervision of the institutions that will be under the SSM be carried out by staff from the SSM or the local central bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: What level of staffing will the office have to monitor the 135 institutions?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Funding is based on a percentage of deposits. Is there a case for those under the SSM regime to feel that because they are centrally and directly supervised that their risk of requiring a resolution would be reduced and that they should have to pay a lower percentage? If the risk of them requiring a resolution is no less than those that are not being supervised by the SSM, the question then...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Could Mr. Carrigan please go through that again because I got the impression earlier that it would be 1% of covered deposits but now Mr. Carrigan has said that it depends on the scale of the institution and the risk identified. Could he give us the range of contributions that will be required? I thought it would be a set percentage. I can understand a bigger institution would pay more...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: How is that to be split?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Is what is being said that, on average, it will be 1% but it will vary from bank to bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: I got the impression earlier-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: I know that the witnesses might think I do not understand but I am teasing out the issues. It now appears that because of their risk some institutions might get away with 0.5% and others might have a loading because they are involved in more risky lending and it could be 1.5%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: It could pay a fraction of 1%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Could Mr. Carrigan supply the committee with the ranges that are being considered?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: What is the highest rate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: We have established that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: We do not know the range yet. Is there a suggested range?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: What is that expected to yield on the basis of current deposits?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: That would not have even covered the Irish banking problem.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: I understand the bail-in. To give a typical example here, would An Post savings bank have to make a contribution? It is only a deposit-taking bank; An Post does not give out loans.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: I thank Mr. Carrigan and the officials for attending. If the resolution fund was in place, would that in any way lessen capital ratio requirements under Basel II because at least it would be a level of protection with a resolution fund in place in the event of a resolution being required? It is an insurance policy for people who have deposits. If the resolution fund was not in place there...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: I am sure those rules were drawn up before this resolution process was drawn up.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (7 Nov 2013)
Seán Fleming: Mr. Carrigan can understand the concern that some people might have because they feel at least the ultimate damage to their depositors would be less knowing there is a resolution fund in place. I get his point. There is a question of moral hazard and that is subjective, and that is what the supervisory mechanism is there to ensure does not happen. That leads me on to my next question. ...