Results 61-80 of 186 for speaker:Shay Brennan

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: In general, what criteria do the Central Bank use in assessing a prospectus?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: Mr. Cross mentioned checking against a comprehensive list of items in Annex 10. Is it generally an exercise that involves through a list and ticking "Yes" or "No"? Is any of it open to interpretation by Central Bank staff?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: The Central Bank is taking what is on the application form or draft prospectus as read. It is not investigating what is behind the information provided. Do I understand that correctly?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: I hope Mr. Cross will forgive me but I am struggling a bit with that. Somebody could put in an application that is full of falsehoods and it would make it through the Central Bank prospectus vetting process simply because of something that was written in the box.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: I am at a bit of a loss. The Central Bank of Ireland will say that the form has been filled out correctly but it cannot verify the information on it.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: What is Mr. Cross's own view on that? Does he believe the prospectus regulation is deficient here?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: I just wonder what the point of all of this is.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: I fully understand. I am sure the bank can check for consistency across the document but that does not take away from the fact that the underlying information may not be correct.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: Would it be fair to describe it as regulation light?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: The witnesses are comfortable that if an investor who bought a bond or whatever off an exchange in Germany lost money on it and decided to take legal action, the Irish Central Bank having approved the initial prospectus, the issuer would be fully covered because the bank carried out its job under the EU prospectus regulation.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: That is understood. I will move on. We talked about the fees the Central Bank receives for its work in this regard. The number the witnesses came back with seemed quite low. Is that in any way a profit centre? I refer both to Israeli bonds and to general prospectuses. Does the Central Bank make money on this or does carrying out this work cost the bank?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: Mr. Makhlouf will understand where I am going. I just want to categorically understand that neither the Central Bank nor any other Irish Government body is making any money of this work evaluating Israeli prospectuses.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: There is an implication going around that money is being made off of this work. I want to put that to bed. I thank Ms McMunn. We talked about September as the potential rollover date or next date for issue.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: How much notice does the Central Bank get if Israel is likely to seek to renew? Is it something that just lands in your inbox when the other one expires? Does Israel have to give ten, 20, or 30 days’ notice?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: It generally takes a number of weeks to get from start to finish.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: Has the Irish Central Bank ever refused a prospectus for reasons other than insufficient disclosures or existing sanctions?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: From a sovereign country, yes.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: It is generally a matter of working with the issuer to get the prospectus completed, as opposed to sending it back and telling them that the prospectus is null and void.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: Have there been any such questions around recent Israeli bond prospectuses?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Shay Brennan: Do particular areas come up again and again, such as errors or emissions that are made typically, or can it be right across the forums?