Results 5,961-5,980 of 26,465 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: But the Central Bank representatives said that it did a forensic examination of the paperwork.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: I ask Ms Rowland to stick with me on this. Did the Central Bank find that on that paperwork there was a note to the front of the document which set out all these details? Did the banks comply with this or did they not do so?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: Ms Rowland is going off on a tangent. I want to restate this - on the front page a notice in the form was to be set out which gave all the details that I have just described. I am asking the representatives of the Central Bank if in their examination - they should forget that it related to trackers - where someone in the Central Bank will have seen these contracts, a front page notice was...
- 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: I am not letting this go, sorry. The Consumer Credit Act 1995 states: "An agreement for a housing loan shall contain on the front page a notice in the form set out in Part II of the Third Schedule of the Act." The form in question includes information on the date the loan was given, including the amount of credit, the period of the agreement, the number of repayments, the amount in euro of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)
John McGuinness: I am asking Ms Rowland if she found that this notice in the form set out in legislation was available on top of every single contract that we are investigating.
- 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.