Results 3,681-3,700 of 9,147 for speaker:Jim O'Callaghan

Written Answers — Department of Housing, Planning, and Local Government: Defective Building Materials (26 Jan 2023)

Jim O'Callaghan: 127. To ask the Minister for Housing, Planning, and Local Government the action he is taking to ensure buildings built now and in the future are not defective; and if he will make a statement on the matter. [3560/23]

Written Answers — Department of Housing, Planning, and Local Government: Defective Building Materials (25 Jan 2023)

Jim O'Callaghan: 96. To ask the Minister for Housing, Planning, and Local Government when the details of the scheme to rectify defective apartments will be announced; and if he will make a statement on the matter. [3442/23]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: I thank the Governor and his colleagues for coming before the committee. I will continue with that issue of monetary policy that Deputy Doherty was raising. Obviously, the purpose of the monetary policy in terms of increasing interest rates is to bring down inflation. Historically, that has been effective and successful. Is it working at present?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: How do we correlate the rise in interest rates with the decline in inflation? How does the Central Bank know that they are linked?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: How high does Mr. Makhlouf think the ECB will raise interest rates in order to combat inflation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: That is an interesting historical point by the Governor but the people who are on mortgages have no experience of those extremely high interest rates.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: We have had very low interest rates for 20 years, I would say. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: A bit less than that. The Governor may recall that during what he describes as the "gilt market disruption in the UK in September", there was speculation that interest rates could rise to 6%. Are we looking at anything as atrocious as that here?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: Exactly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: Mr. Kincaid mentioned the bank is aware of responsiveness. Is the any other mechanism by which the CBI can get more information about this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: Okay. I move to the closure of KBC Bank and Ulster Bank. Is the CBI satisfied with the steps that have been takpuben by those licensed banks to date? Has it any persisting concerns about the closure of them and the impact on the remaining customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: The last time the Governor was before the committee, I asked him whether he thought crypto should be banned or whether it should be regulated. I think he agreed with the latter proposition and disagreed with the former. In light of what has happened over the past ten months or so, particularly with FTX, what is his view on crypto? Are Irish people who invest in it protected in any way?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: Feel free to do so.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: Losing a lot of money.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: If there is this lag, why is it necessary, as appears to be the case and as the Governor indicated in his statement, that at the next meeting of the ECB, interest rates will rise again? Why do we not wait for that lag, and to see the impact of the increase that has already been introduced?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: Okay. Turning to Mr. Kincaid, he was answering questions from Deputy Doherty earlier about vulture funds and how they engage with mortgage holders whose loans have been transferred over to them. Do we have any data on or mechanism for being aware of the options Mr. Kincaid seems to be indicating are being offered to people by vulture funds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

Jim O'Callaghan: The Central Bank has regulatory role.