Results 5,941-5,960 of 26,439 for speaker:John McGuinness
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: Who could say? Can the Central Bank say?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: This is what I have found. The front page of some but not all of the contracts I have seen has set out the amount of credit advanced; the period of the agreement; the number of repayment instalments; the amount of each instalment; the total amount repayable; the cost of credit in specific terms; the APR which is subsequently defined; the amount of endowment premium, if applicable; the amount...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: That is my point. If it is discovered that this page is either not there or does not comply properly with the legislation, it is a breach of the law and the Central Bank is meant to monitor that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: Has the Central Bank pursued convictions on the basis of that legislation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: Why?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: That is fine and I congratulate the Central Bank. This is a clear breach of legislation. If it is clear and the Central Bank gets a complaint, not specifically related to a tracker mortgage or something else, does it pursue that complaint?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: No, in accordance with the legislation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: The Central Bank has never pursued a case under the Consumer Credit Act 1995 related to the breach of that part of legislation as applied by the banks. Has the Central Bank received complaints of that nature?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: Is the Central Bank not obliged to do so under this Act?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: It states here that if they do not comply with that part of the legislation, they are guilty of an offence. One is either guilty of the offence or one is not. It is not a flexible-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: It applies to other cases; it is not just one.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: People were not aware of this Act in the context of mortgages and the requirements on banks. Therefore, they may not have made the connection, or made the complaint to the Central Bank. This Act, and I want the witnesses to confirm this to me in writing, sets out what has to be done very clearly, what the offence is and what the penalties are. The Central Bank does not have flexibility in...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: I have given it to Ms Rowland.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: The witness has seen the documents. I am asking her to tell me about the prevalence of this.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: No.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: I am giving the witnesses the information to the extent that I have been informed of breaches of that legislation throughout the banks. I am asking the witnesses, in the context of their examination of the tracker mortgage issue where they would have been privy to seeing these agreements, whether this correct or is it not.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: The witnesses would have seen this in the paperwork. Are they saying that they did not see this at all?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: I will ask this again. I am just the Chairman of this committee. I do not have a troupe of people behind me advising and assisting me. The bank has. Will the representatives of the bank reflect on the statement in the report that this may be an issue for every single bank in that they did not comply with this legislation and did not provide the front page notice in a form set out by...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: I thank the Governor. I call Senator Horkan.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: I have two questions arising from the Central Bank's meeting with the EBS tied agents. They made some allegations of criminality at that meeting. What is the process from there? Does the bank pass on that information to the Minister for Finance or to the Garda?