Results 32,561-32,580 of 35,959 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: That is a "Yes" under the assumptions used at the moment. I take the witnesses back to November 2011, when there was a public spat between the Government and the bank. The Minister of State at the Department of Finance called the position of the bank pathetic and the Minister for Finance said the position was serious. It concerned the ECB reduction of 25 basis points in interest rates,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: This is my last question. Last year, the bank informed the committee that €600 million had been written off in respect of the mortgage book. What is the figure at this point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: I did not ask about the provision. What has actually happened?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: The committee was informed that, this time last year, some €600 million was written off in respect of the domestic mortgage book. Does the figure of €600 million still apply or has it increased?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: I refer to a letter from the bank responding to questions at the Oireachtas joint committee, which states that mortgage write-offs to date at AIB have only occurred in exceptional circumstances as, so far in 2011, the bank has written off €6,000,000 predominantly in the first half of the year. I seek an update on the current figure.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: Sorry, it is €600,000.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: I thank the witnesses for their presentation, which was full of facts and figures. I appreciate how comprehensive it was. As I am restricted by time constraints I will begin my questions. A number of people have mentioned the super pensions being paid by the bank. As these are contractual pensions, the bank's ability is limited. The Parliament has seen this issue previously, when...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: Would the bank have any concern about such legislation deterring other individuals from being recruited? I assume that members of the bank are no longer entitled to these types of super pension.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: I know many of the bank's employees. They would welcome the imposition of such a levy on super pensions, as it would be viewed as equitable, particularly by those who are losing their jobs as a result of the downsizing. People who worked in the bank right up to the middle of the crash and who were a part of the excessive lending have walked away with golden parachutes. Regarding lending...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: To what period does the €600 million in new lending refer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: New lending in the year to date is €600 million, but the target is €3.5 billion.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: I have AIB's 2010-11 SME lending plan. The target was €3 billion. The first paragraph reads: "In recognition of this, AIB is already providing considerable lending support to SMEs in both new lending and in the re-scheduling and restructuring of their existing borrowings". It does not state that rescheduling and restructuring form part of new lending. Indeed, they are not a part of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: We will be hit by time. The 2010-11 lending plan reads, "AIB is already providing considerable lending support to SMEs", but the key phrase is "in both new lending and in the re-scheduling and restructuring". In its plan, AIB clearly makes a distinction between new lending and restructuring. The bank's target is €3.5 billion in new lending.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: That is not what the plan states. The idea was that we would try to get money flowing into SMEs. The presentation, while good, puts forward the idea that the target has been surpassed and that €3 billion has flooded into SMEs. However, that is not the case. The majority of the €3 billion is the same money that the SMEs had, merely restructured. I will move on, as we will...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: As it has already been mentioned, I do not want to labour the issue of the possibility of the European Stability Mechanism, ESM, taking over shares in AIB. Mr. Duffy told a Deputy at this meeting that the bank was in discussions with potential investors with a view to a return of 8% to 12% on their investment. Is this what he hopes the bank can offer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of AIB: Discussion (31 Oct 2012)

Pearse Doherty: If he believes that potential investors could make a return of 8% to 12% on their investment, he obviously has an idea of the value of the investment. If the AIB representatives are of the view that potential investors could have a return of 8% to 12% on their investment, they have a view on the value of the investment. If an investor invests €1 billion, perhaps 10% amounts to a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Pearse Doherty: To be clear, every year when the payment is made by the State to the IBRC, it will be transferred to pay down the ELA liability. I just want to be clear about this to make sure there is no retention of some of it and that all of it is transferred to write down the ELA liability which is written down by a corresponding amount.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Pearse Doherty: Based on the figure of €25 billion required from the State to the IBRC and the timeframe for paying it - capital plus interest minus the ELA that must be paid to the Central Bank - the interest is in respect of the period to 2020. If things run as normal, when the last €3.1 billion is transferred on 31 March 2020, the IBRC will have paid off all of the ELA liability and met all...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Pearse Doherty: Will Mr. Bradley explain that again?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Operations and Functioning of IBRC: Discussion (31 Oct 2012)

Pearse Doherty: And an ELA liability.