Results 7,161-7,180 of 26,465 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Behaviour and Culture of the Irish Retail Banks Report: Central Bank of Ireland (4 Oct 2018)

John McGuinness: That is where the problem is. There were no sanctions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Behaviour and Culture of the Irish Retail Banks Report: Central Bank of Ireland (4 Oct 2018)

John McGuinness: I am not disputing that. I am simply saying there was an issue with the EBS agents. The emails I have seen support the case that was made. They clearly say the agents should do what it takes to shove this or that product. The agents have presented the case to the Central Bank of Ireland. There have been no sanctions. That tells us something about the Central Bank. In a case similar to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Behaviour and Culture of the Irish Retail Banks Report: Central Bank of Ireland (4 Oct 2018)

John McGuinness: That is just a cover.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Behaviour and Culture of the Irish Retail Banks Report: Central Bank of Ireland (4 Oct 2018)

John McGuinness: When the Central Bank of Ireland wants to push something to one side here, we are told it is a matter being contested in the courts. EBS and AIB tell us that. Therefore, we cannot get to the end of it and the bank will not get to the end of it. The bank hopes that, over time, those who are making the complaints will simply fall away. It is the same approach taken with the customers. Let...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Behaviour and Culture of the Irish Retail Banks Report: Central Bank of Ireland (4 Oct 2018)

John McGuinness: I will finish on this point because Senator Paddy Burke wishes to come in. The tracker mortgage scandal and other banking issues would have been dealt differently if the committee had not exposed them. When the Central Bank investigates and identifies a wrongdoing, the culpable bank should be named and shamed. I refer to the case of EBS and the 2008 email which clearly states to the agents...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Behaviour and Culture of the Irish Retail Banks Report: Central Bank of Ireland (4 Oct 2018)

John McGuinness: How many cases have been withdrawn? Ms Rowland mentioned the number earlier.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Behaviour and Culture of the Irish Retail Banks Report: Central Bank of Ireland (4 Oct 2018)

John McGuinness: How many other cases are there? Did Ms Rowland earlier state there are 1,200?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Behaviour and Culture of the Irish Retail Banks Report: Central Bank of Ireland (4 Oct 2018)

John McGuinness: Will the Senator deal with the report first?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Behaviour and Culture of the Irish Retail Banks Report: Central Bank of Ireland (4 Oct 2018)

John McGuinness: I thank Mr. Sibley. I will suspend the sitting as there will be a vote in the House at 12.45 p.m.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: I invite Professor Lane to make his opening statement for this part of the meeting.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: I wish to clarify something about the sale of loans to vulture funds. Who established 5% as the target bad debt ratio for banks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: There is a general, but unstated, political view from Europe that we should try to stick to the average of 5%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: The point is that there is no directive of a 5% target from the SSM and the Central Bank here has no target of 5%. It was an average across Europe at one point. That is fine. Mr. Sibley has clarified the position. In circumstances where a bank has warehoused part of a loan, can Mr. Sibley clarify what is defined as a non-performing loan and what he might expect the banks to sell? I am...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: What would Mr. Sibley say to banks that are using the excuse of the warehoused part of a loan to deem it as non-performing and then sell it on to a vulture fund?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: Can the Central Bank do anything with banks that are selling on these loans that have been partly warehoused? Can it do anything to make its view known that the banks cannot claim these are non-performing loans because they are, in fact, a solution within the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: No, it is focused on all of them. They are all at it in one shape or form.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: He is not like that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: The witnesses have given an answer which is neither here nor there. I prefer the answer that was given by the representatives from the European Central Bank when they came before the committee recently to discuss the SSM. Danièle Nouy said it is not yet the right time to consider changing the current salary or bonus rules in place for Irish banks. That is pretty clear. I certainly...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: I do not know whether Governor Lane or Mr. Sibley have answered the question. I do not know whether they are clued into this at all. Let me explain. I understand what the banks have been doing. On a macro level, they have their big customers. They have worked hard going down to the very smallest of loans so they are almost down to that level now where they have a huge number of loans...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

John McGuinness: Is the ICB finished, in that case?