Results 3,821-3,840 of 35,549 for speaker:Pearse Doherty

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Pearse Doherty: Yes, I got that.

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Pearse Doherty: That is helpful. I am sorry for interrupting the Minister, but I have a few other questions. The problem for this committee is that we are reading about these proposals. I am not going to get into an argument, but we sometimes find out more information from reading The Irish Timesand the Irish Independent. Articles have been published today suggesting that this fund will have a minimum of...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Pearse Doherty: Yes. The Irish Fiscal Advisory Council, IFAC, has made it clear that when we look at the allocations set out in the national development plan, we can see that two things have happened. We are spending less. Capital spending has been revised downwards, while inflation has increased. We are going in the wrong direction in capital spending. I know this is increasing nominally but we are not...

Committee on Budgetary Oversight: Summer Economic Statement 2023: Discussion (12 Jul 2023)

Pearse Doherty: Perfect.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: Go raibh maith agat, a Chathaoirligh. Cuirim fáilte roimh Colm Kincaid agus roimh an chuid eile den choiste. Tosóidh mé le cuid den mhéid a bhí le rá aige sa ráiteas a léigh sé amach. I want to deal with something Mr. Kincaid mentioned in his opening statement, namely, SEPA. We touched on it last week with other witnesses. Mr. Kincaid talked...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: If I were to pay a supplier today for a service it provides to me and the bill was €2,000, when would it receive payment to its account?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: The process would likely take a couple of days, would it not? The supplier will not get payment that day.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: Yes. If I were in Finland, Germany, Estonia, Latvia, Spain, Greece, Portugal or others, the likelihood is the supplier will get payment in 15 seconds. Is that not the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: All European countries operate instant payments. Is that correct? Here it is only Barclays Bank that operates it and it is for corporate customers and users of prepaid cards from Prepaid Financial Services, PFS. In other countries the percentage of instant payments as a ratio of SEPA payments is as high as 100%, in the case of Slovenia. In Austria it is 64%, in Finland it is 63%, in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: This was brought in back in 2017 to make life easy. I have experience of having to pay suppliers from my involvement in a community group. In this day and age, we are having to take a screenshot to show we have made a payment and send the screenshot to the supplier via WhatsApp, all because the banks here do not operate instant payments. As I have said, what other banks have done in all...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: I am not disputing that. However, we have also seen botched attempts by banks, which came together to try to do an instant payment app just between themselves. I am sure they spent a lot of money, although I am not sure what the total was. Why did they not just plug into SEPA instant payments, which are available across the European Union? Am I correct that Revolut offers instant payments?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: I only raise this issue because Mr. Kincaid raised the issue of instant payments. There are rules relating to authorised push payment, APP fraud, instant payments and so on, but it is pointless for us because the volume of transactions is so low. The transactions are very much taking place in corporate areas. I turn to the Central Bank's advertisement campaign online. Was it last year...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: It was an online public awareness campaign entitled, "How can I protect myself from financial services scams?" How did the Central Bank promote that? What platforms did it promote that on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: How much paid advertising did the organisation use?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: As I said, I commend the Central Bank on the public awareness campaign. We will need a lot more of them as these frauds become more sophisticated and develop over time, as we know has been happening. However, there is a serious issue with paying them. These companies are having it both ways. They are getting paid by the authorities who are trying to protect people and they are benefiting...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: I agree 100% with Mr. Kincaid. I refer to some of the activities and checks they have. I imagine they have some checks, but they are not robust enough if they are taking paid advertisements from scams. Just yesterday, I saw one about Gweedore. They were selling tee-shirts with Gweedore on them. That is my local town. Somebody posted underneath it saying, "Don't go near this; this is a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: I understand. That needs to happen with a bit of urgency and pace. Let us look at the scam that is probably the most costly to the victim, which is the investment scam. We have seen the stats that they have been increasing since 2019. We know that in some cases, people have lost more than €100,000 on them. We heard from the Garda, who gave an example of a civil servant who put...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: What if they do not claim to be regulated by the Central Bank? Is it not the case that-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: We know that these originate on online platforms. We understand that not all investment is regulated. However, at least some of these scams - many of them - would fall under regulated activity. What engagement does the Central Bank have with the social media companies and online platforms on the checks they need to put in place for hosting activity that is not only illegal but needs to be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Authorised Push Payment Fraud: Central Bank of Ireland (12 Jul 2023)

Pearse Doherty: I do not expect the Central Bank to regulate the social media companies. Nobody is suggesting that. However, the Central Bank has adopted a silo approach to this matter. That needs to change. It is doing exactly what is set down in the context of its job and its role. It is scanning, looking, identifying and all the rest, but there could be a logical step, which would be to acknowledge...