Results 8,421-8,440 of 10,460 for speaker:Gerry Horkan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Gerry Horkan: What is the total cost of this saga when one includes the 500 staff at certain salaries? It was said that this will cost €1 billion but a lot of that money is money that should not have been in the hands of the banks in the first place. The money that was taken from people should not, in many cases, have been taken from them. How much is involved in staff costs?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Gerry Horkan: I thank Mr. Byrne for telling us in his own words how the problem arose. Up to now, we have not had a narrative other than that every bank made the same mistake at the same time. Hopefully, by June Mr. Byrne will be back to give us an update of where we are and all customers will have received and cashed their cheque. Is the average 25% compensation figure Central Bank-led?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Gerry Horkan: The document is not published.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Gerry Horkan: Is Mr. Byrne able to share it with us?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Gerry Horkan: Could you give us the principles underlying the compensation process? We were told those who lost their houses received a multiple but those who did not got something else. Can the witnesses give us some idea as to why the rates being paid are such as they are?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Gerry Horkan: Can Mr. Kinsella send us a briefing note with an outline of his reply? It would be useful to ask the other banks the same question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: I welcome Professor Lane and his team. I take the point that the Chairman and Senator Paddy Burke have made. We have already commented that we only got a link to Professor Lane's opening statement at 8.43 a.m. so we did not have much time before the meeting to study it. However, we have certainly had time to do so since the meeting commenced. The tone of the statement is quite...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: I welcome that Ms Rowland acknowledges it should never have happened and that the banks are at fault - we all know that - but the Central Bank is the regulator-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: -----and the watchdog or the bloodhound - whatever the word is. It is there to supervise and regulate. Just as internal auditors in banks should have been watching and people should have been fearful of the internal auditors and their external auditors, they should equally have been fearful - to a greater extent than they were, clearly - of the regulator. The witnesses represent the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: On the point that it will cost them €900 million, approximately €600 million of it is redress and compensation, and Professor Lane said the compensation is in or around 15%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: Therefore, it is not costing them an awful lot. If a taxpayer does not pay the Revenue, typically interest and penalties are more than 100% of the amount the person was trying to not pay in the first place. The penalty here is approximately 15%, plus the staff costs. I accept there are staff costs, whatever they are, and we have acknowledged that some banks have hundreds of people involved...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: That is as a kind of disincentive to doing it in the first place. If the banks think the compensation to be paid will be 15%, why would they not take a chance?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: To develop that point, has the Central Bank got a breakdown of the range of compensation and redress payments by amount? Professor Lane spoke about people who might have been overcharged by €100. I tried to get it out of one of the banks if anyone was overcharged by more than €100,000 and they said not really. The following day at 8.30 a.m. I got a phone call completely out...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: Is that compensation on top of the value-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: On legal action and the solicitors for which the Central Bank is paying, the banks are ultimately paying for legal people to go in and advocate on behalf of people. They will ensure that in a case where a client lost a house that was worth €400,000 when he or she lost it but which would cost €700,000 now, were the client to try to buy it back, that client would receive...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: That is the question I am asking because until now I did not know that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: It is important that we acknowledge that. I was not aware that the system was as has been outlined today, and I am glad to hear that it is, but we still need to acknowledge the mental trauma and anguish, regardless of whatever monetary compensation is put in place, as it should be. We have discussed previously how people have committed suicide and lost family members and how many families...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: Does the Central Bank have the data?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: We are a finance committee. We all know that averages can hide as much as they show up. If one divides the €47 million first tranche of compensation by the 7,100 clients, it works out at around €6,000 each. Then it increases to about €18,000 each and the last batch seems to be about €22,000 each, but within that there are people who received €100 and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Gerry Horkan: So what is left is bigger than what was paid out.