Results 5,521-5,540 of 36,138 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: Can Mr. O'Keeffe give us the figure?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: Will AIB provide the committee with the information on how many of those 1,900 loans that were written off to the value of over 90% were above €1 million?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: Yes. Mr. O'Keeffe said that when AIB enters into arrangements, people must enter into them with honesty and good faith, which I accept. He said that AIB decides on the write off based on a set number of criteria, including what he said was the individual maintaining a reasonable and benchmarked lifestyle. Is that the same lifestyle for all of us?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: So to clarify, we will not find a situation where the guidelines of the Insolvency Service of Ireland, which has benchmarked lifestyle cost-of-living reasonable expenses, are not applied in all of AIB's agreements.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: Is it not the case that there are special conditions in that benchmark? The special conditions could be that you could be caring for an elderly parent in your house or you could be a very vulnerable person with a rare disease or in an end-of-life situation. How does AIB ensure that the information provided to it to allow for those special conditions, which mean that AIB allows the person a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: I have made many representations to AIB in the past. I have represented people whose houses were being repossessed who were at the end stage of cancer. We reached out to AIB and in fairness, AIB might have paused in terms of sending letters at certain points in time. A property search is easy enough if you are able to determine an asset but for individuals who have come to me or other...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: Let us look at windfalls. Does a windfall clause operate for a set period for all debt settlements?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: So it is the same period for every single one. What is that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: It applies based on somebody getting a windfall such as money won on the horses, won the lotto, inherited money or received a loan from somebody, that money is AIB's. Is that the way it works?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: The clause lasts for five years. What happens after the five years if the bank became aware that somebody did win the lotto, won money on the horses or came into a windfall but did not disclose it to the bank after the end of the clause date? Is there recourse in relation to that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: I am talking about a case where, during that period, the borrower won the lotto, won money on the horses, inherited from an uncle or whomever but did not disclose it to AIB.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: After the clause period is over.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: That would be because it is a contract and it would be a breach of contract.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: In relation to debt settlement arrangements that AIB has made, has that ever been an issue? Do people try to hide windfalls?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Debt Write-down and Debt Resolution Policies: Allied Irish Banks (2 Mar 2023)

Pearse Doherty: I have one final question, which is very personal to me in terms of the community I represent. It is an issue that I hear about all the time. Many people who do not live in Donegal think the issue with mica is over. In the last number of weeks, we have seen bulldozers come in and tumble houses and family homes. People are away renting in different communities as a result. There are still...

Central Bank (Individual Accountability Framework) Bill 2022: From the Seanad (1 Mar 2023)

Pearse Doherty: The two amendments are related. We are only discussing amendment No. 1.

Central Bank (Individual Accountability Framework) Bill 2022: From the Seanad (1 Mar 2023)

Pearse Doherty: I will only make one contribution because the amendments stem from the same issue, namely the Supreme Court decision in the Zalewski case. The drafting of the Bill was undertaken to incorporate a more fair and transparent procedure following the decision of the Supreme Court. The Bill makes changes to the administrative sanction procedure to ensure it conforms. Changes made to incorporate...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (1 Mar 2023)

Pearse Doherty: I welcome everyone to the committee. Pepper announced in the last fortnight that it will increase its interest rates again. The increase of 1% for the majority of its customers will bring its average rate up to 6.2%. That is before another increase in the ECB rate in a fortnight. As reported at the time, Pepper's stated "Pepper does not receive any commercial benefit from the increase in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (1 Mar 2023)

Pearse Doherty: I agree completely. I sat in this same seat many years ago and made the point but the Central Bank told us that they have the exact same protections. They do not have the exact same protections because these vultures can increase interest rates. Banks can do so also, but banks have a longer-term interest in your mortgage, in your loan, in your student loan and in your farming loan. The...