Results 7,881-7,900 of 26,465 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: In response to Senator Conway-Walsh earlier, the Governor stated, referring to the banks and regulation, that we regulate the banks to keep them safe. Earlier this morning, he stated that we care a lot about the banks. What does he mean by those two statements?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: This is where the difference is. I have listened attentively from 10 a.m. to what the Governor had to say. That statement and how the Governor now balances it in terms of society emphasises the difference between the Central Bank and myself and, I believe, the Oireachtas Members because our task here is to put people front and centre. One might apply, in legislation, the so-called lesser...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: They are bypassing what the Central Bank is doing. I ask the Governor to listen to us. I am not making up the story. I do not believe any other member is making up the story. It is fair to say from what I and others know that they are running rings around the Central Bank to push people out of their homes. When they turn up at the door, it is a frightening experience. When the letters...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: That is a different issue, one which was dealt with by Deputy Michael McGrath.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: What are the credit servicing firms obliged to report to the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: We have been through this. I want to use my time wisely because we are approaching the end of the meeting.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Is ACC Loan Management still regulated or is it working out its loans through another entity?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Is it regulated?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I understand it is working through its loans. To return to my earlier example, the individual in question informs me that he has tried time and again to engage with and contact the lender but nothing has happened. This wears borrowers down. They become worn down by the ducking and diving in which regulated entities, namely, the agent, engage. This is the cause of greatest concern to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Will the Central Bank take a closer look at the agents?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: In one estate in Kilkenny an agent issued letters to residents, some of whom lived in housing owned by the county council. These house were not in the agent's portfolio, yet representatives of the agency in question visited the estate and knocked on doors. That is the carry-on Members experience on the ground. As I outlined, in one case a representative of an agency knocked on the door of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Is it regulated?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I will circulate to the Central Bank the material I have on ACC Loan Management. As a member of a credit union, I am a great fan and supporter of credit unions. Professor Lane indicted that the Central Bank had a clear vision for the credit union sector in terms of what credit unions should do, how they should be regulated and so forth. He noted that credit unions had dealt with the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Without recourse to the taxpayers, in the main.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Is the Central Bank's vision for the credit union sector the same as that which the credit union has for itself in terms of future business models?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: No, because the current regulation affects their ability to take in savings because of the costs on that. The current discussion with the regulator refers to the age profile of credit union members and so on and the need to bring in newer members. However, there is a slow approach to sanctioning new types of business and new ways of doing business. One will not get young members in if one...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: So the Department of Finance makes the ultimate decision. What is the Central Bank doing to respond to the sector in relation to expanding its business?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: Is it not the case that the very nature of credit unions means that the one-size regulations will not fit all? Each one responds to its own community in a way that feeds into that market. The fact they came through the financial crisis in the way they did and are now restructured in the way that they are shows that there is a willingness within the credit union sector to restructure and to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I get the sense that the Central Bank could relax its overview of credit unions, not relax the regulation but focus them all in the right direction. There are individual issues, as Mr. Sibley has said, but credit unions should be encouraged because they are responding to local demand and need. They know their customers. The opposite to this is the banks, who do not know their customers....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)

John McGuinness: I have a quick comment for the Governor of the Central Bank, Professor Lane, on the tracker mortgage examination. I still get letters from people who do not know where they stand with their bank. They receive correspondence which states the bank is looking at the matter and will come back to them in 60 days or whatever it might be, and the bank still has not made a decision on the case or...