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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: So how much do they get paid?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: What money changes hands in terms of fees for those people? Is what the borrower can avail of open-ended or limited?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: Does Ms Reid have no idea of the costs involved?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: I am working against the clock here and I want to-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: What is the cost there?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: I respect all the work the officials are doing. I will start from that point. The reason I asked that the committee would bring in the officials is because of the numerous stories I have head about receivers. I am giving the officials information that has come out of my discussions with borrowers and so on. The first thing I wanted to get absolutely clear was the fact that receivers are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: I will stop Mr. McKenna there because this is the nub of the thing. If someone is a receiver and an accountant, his accountancy regulator does not look at his work as a receiver. Mr. McKenna may be putting forward a case that someone who is regulated as an accountant must be an okay kind of person. I question that, too. We had the accountants during the bank collapse and they were not...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: I apologise for interrupting Mr. McKenna again. I am keen to take each point as he makes it. I do not want another examination. I want somebody to understand that this is going on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: I want the Department to encourage the Minister to bring in legislation. I am not sure we can rely on regulators. When was the last time an accountant was held to account by the regulatory body for accountants? Were any of the big four, or any of the accountants that were regulated, held to account in relation to the banking crisis?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: I can tell Mr. McKenna that it did not happen. On the basis that this is a live issue, I ask the Department to deal with the issue of receivers in some way. Legislation needs to be brought in to sort this out as quickly as possible.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: Is there any other point that Mr. McKenna wishes to make?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: It is also-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: That is true, but each of these contracts was signed in the hope that it would have a successful outcome.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: Now that it has not had a successful outcome, the borrower who signed the contract is relying on the fact that the contract says the receiver shall act for the borrower and the lender. The borrower did not expect that the receiver would turn up, ignore the obligations and beat the lard out of the borrower, or completely ignore the rights of the borrower. That is what is going on all over...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: I want to address that point. The fact is that it is a matter of criminal law. I am talking about someone who was beaten up by the economic crash and turned to the contract to try to get some comfort from it, only for that approach to fail miserably while the person in question was busy trying to keep his or her life, business or family together and, at the same time, trying to stave off...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: If he asks me after the meeting, I can give him many examples of how these things function in reality. Deputy Doherty has provided some examples. That is all I am saying to Mr. McKenna. I am angry and frustrated about the fact that we do not have legislation. I am trying to get that across. I encourage the Department to address this matter as quickly as possible to bring about some form...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Governance and Regulation of Receivers: Discussion (18 Oct 2018)

John McGuinness: That brings us to the end of this part of this morning's meeting. I thank the witnesses for coming along. I appreciate it. They might let us know how they are getting on with the outcome of the meeting.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)

John McGuinness: We will now discuss the sale of loans to unregulated private investment funds. I welcome Mr. Joe Healy, president of the Irish Farmers Association, Mr. Neil McDonnell, chief executive officer of the Irish Small and Medium Enterprises Association, ISME, and Mr. Padraic Kissane, financial adviser. I advise the witnesses that by virtue of section 17(2)(l) of the Defamation Act 2009, they are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)

John McGuinness: Without going into detail, was it a vulture fund or a bank to which Mr. McDonnell referred when he said a member company was going through a debt restructuring?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Loans to Unregulated Private Investment Funds: Discussion (18 Oct 2018)

John McGuinness: Is that a bank or a vulture fund?