Results 32,661-32,680 of 36,066 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Pearse Doherty: The representatives of AIB informed us yesterday that at this time last year it had written down 600,000 domestic mortgages. How many has Bank of Ireland written down?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Pearse Doherty: Will the bank not disclose what has actually been written off? How much money did the taxpayer provide the bank for losses of the domestic mortgage book under the prudential capital assessment review, PCAR?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Pearse Doherty: Under the PCAR, how much was provided for losses on the domestic mortgage book?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Pearse Doherty: The State invested on the basis of a stress test that was carried out, which showed that the likely losses within Bank of Ireland on the domestic mortgage book were in the hundreds of millions of euro. However, the bank is refusing to write down any of that money and is hoping the customers pay every single penny of that back to the bank and will pocket the capital the taxpayer paid at the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Discussion with Bank of Ireland (1 Nov 2012)

Pearse Doherty: I will move on. Mr. Boucher has said the bank wants to disengage from the ELG and that when the guarantee runs out on 31 December, it is ready for this year. Is he satisfied the bank will be able to raise money on the markets without a guarantee? Is that the proposal regardless of whether the guarantee is extended? Is it the objective of the bank in 2013 to be able to raise finances...

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

Pearse Doherty: With regard to an investment return of 8% to 12%, most of the money that went from the State to the bank, approximately €15 billion, went via the NTMA and the National Pensions Reserve Fund. The National Pensions Reserve Fund has been successful in the past but average returns are approximately 6%. Why would the National Pensions Reserve Fund not hold onto its shares in AIB if the...

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

Pearse Doherty: Approximately €1.4 billion of the recapitalisation was contingent capital under PCAR. It is due to be repaid to the State by 2016 on the basis that AIB does not hit the adverse scenario under the stress tests. Are the witnesses confident the contingent capital will be returned to the State according to the figures being worked on now?

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.