Results 3,161-3,180 of 36,066 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: Obviously, there is a multitude of cases. Some of them are very different and complex while others are very similar and, therefore, as Mr. Honohan has pointed out, there is an onus on the Central Bank to inform the public of their rights and obligations under the directive and other types of EU and domestic legislation. He has rightly noted that judges rely on counsel on both sides to...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: It was in 2015.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: What are Mr. Honohan's views as to whether the directive should be transposed through primary legislation? If it should, what are the reasons?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: Yes. That is in Article 28.5.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: Yes. I have that article in front of me. The directive stated: "Member States shall have procedures or measures [as Mr. Honohan said] to enable the best efforts price for the foreclosed immovable property to be obtained". Mr. Honohan argues that the transposition of that is a lot softer because it is where practicable and is about just the price. There are no measures or-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: The committee has heard previously that where receivers have been appointed, properties have been sold at very reduced values, with large fees charged also by receivers, and best price, it has been argued, has not been obtained. What is Mr. Honohan's view in that regard?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: The directive calls for "procedures or measures" to be put in place to get best price. From Mr. Honohan's understanding, from his unique position as Master of the High Court and from the cases he has seen, have there been procedures or measures in any of these cases outside of what anybody would do, which is to put the property on the open market?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: However, does the directive not ensure that decision is not left up to the auctioneer or the receiver? It states that member states shall have procedures or measures in place. The question is where-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: We have received those questions, and it will be a matter for the committee, but I assume we will ask the Central Bank to answer each and every one of them individually for the committee. It is of benefit as we are scrutinising and reviewing this issue in the context of the credit servicers directive. What benefit to borrowers derives from this directive and this legislation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: If I am a borrower in distress and feel that my lender has not made a reasonable offer, I am looking at this directive and wondering is it a game-changer for me or not. As a layperson, if I am reading this right, I would ask what difference there is, because the language seems the same. The banks, the Central Bank and the Minister will say that all lenders are supposed to engage on a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: -----X or Y.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: Does Mr. Honohan believe that as a result of this directive, lenders will have to consider the option of partial forgiveness?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: That is what it states. It makes it clear that a suite of options are included. Those include the offer of a payment holiday, partial repayments, currency conversion, partial forgiveness and debt consolidation. One of the problems in this State is that certain providers use some of those measures but none use them all. This hard law now states that a reasonable offer is not a reasonable...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: As I am conscious others are waiting, I may come in again later. The directive, however, develops a secondary market for non-performing loans. We have seen in recent times the treatment of borrowers by vulture funds compared with mainstream lenders. The interest rate environment is clear in that regard. Is Mr. Honohan concerned that the directive will provide for further securitisation...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: That is fine, but the directive takes this into a whole new space where it is not going to be our Central Bank that is regulating these credit service providers. There is no point in talking to the Central Bank any more because this credit directive allows for the central bank in Poland, Italy, Malta or wherever else to regulate. Some have expressed concern that there are different rules...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: It is not the weather, no.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: Are we now going to have a situation where one's debt can be held by credit service providers in a jurisdiction that has weaker consumer protection rights than we have here, despite all the challenges here, or a different legal framework? They can then be passported in and are not regulated by the Central Bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: Exactly. As we discussed earlier, how we transpose the EU directive is crucial.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: Under this directive, might we see a race to the bottom?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
Pearse Doherty: I will leave it at that and will come in again later, if that is okay.