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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: 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?

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: I thank Mr. McDonnell. Mr. Kissane is very welcome again to the committee.

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: I note Mr. Stapleton is indicating he would like to come in at this point.

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: I apologise for interrupting Mr. McDonald, but a vote has been called in the Dáil, which means Deputy Michael McGrath and I must leave the meeting. This morning the Departments of Business, Enterprise and Innovation and Justice and Equality commented on unregulated and unaccountable receivers and what was said has been borne out by what Mr. McDonald has told us. We have said time and...

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: Both Mr. Hall and Mr. Kissane are well respected throughout the country for the work they have been doing defending those who are in trouble. I admire the work of the IFA and ISME and Mr. Hall and Mr. Kissane. There is a problem, however. On 15 March last, a motion was tabled in the Dáil on the lack of engagement with this committee by vulture funds. We compared their engagement with...

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: Perhaps the message from this meeting has to be to stop the AIB sale as a marker, and then to get into discussions with all of the representative bodies and advisers, such as Mr. Kissane.

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 tried to do as Mr. Kissane suggests. The reason the meeting has been structured in this way is that the various people we approached were afraid to come before us-----

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: -----because of the nature of the letters they had received from banks and vulture funds. This is why I argued that the broad message should be on the AIB sale and the broader message to the Government must be to step in and do something about this issue. That is what I am asking.

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 put that statement on record and ensure it is acknowledged.