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

John McGuinness: I am willing to wait for responses to my questions because I want the most up to date and accurate response.

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

John McGuinness: In terms of breaches in banking regulations and the regulatory framework in general, how far back can the Central Bank go? Are there restrictions in terms of years? In 2014, the Central Bank fined a bank for a breach that took place in 1995 or something similar.

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

John McGuinness: I want to ask questions about SMEs in Ireland and the money that the European Investment Bank gave to the Central Bank.

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

John McGuinness: How does the Central Bank monitor that? Does it play a role in ensuring that the money is lent fairly and properly to clients?

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

John McGuinness: Let us say a client has been refused a loan by a bank in Ireland but one that deals with the fund given by the European Investment Bank and the appeals office decides that the person should have received the loan and the disagreement rumbles on. In that case does the European Investment Bank request performance indicators from various banks for the loan?

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

John McGuinness: I do not want to go into the precise details. Let us say, for example, an individual customer of a bank applies for funding from it but the bank refuses without giving a stand-up reason, an appeal is lodged with the appeals office which agrees the person was entitled to the loan because his or her figures were correct and when the person returns to the bank, it refuses. In that case, the...

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

John McGuinness: I want to discuss how banks recognise their losses over the years and how that is reported. Would the tracker issue not have meant that they should reported losses because of having to repay the money and having to pay compensation and redress and so on? Is the Governor satisfied that the banks, not only relative to the tracker issue but generally, properly report their losses, if any?

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

John McGuinness: Does the Central Bank receive the minutes of meetings from the banks? I asked the Minister about this matter earlier in the week.

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

John McGuinness: The Central Bank does see the minutes.

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

John McGuinness: Does Mr. Sibley see any difference of approach in each of the banks to the various issues at board level? Are the reporting headlines all the same? Have they added new headline issues to the reporting mechanism? Is there more detailed reporting from risk managers, all that kind of thing?

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

John McGuinness: In respect of Mr. Sibley's letter of 10 January to the committee about its meeting and the complaints made about Jonathan Sugarman, I will not go into great detail but I am preparing my own response, if I deem it necessary, on the issues raised. My concern is the timeframe between Mr. Sugarman's complaint of 2007 and the inspection in October 2007. I hope there is a greater urgency of...

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

John McGuinness: At the meeting with the Governor and his colleagues, that point certainly came across but that does not mean it has been accepted. On the issue of reporting, Mr. Sugarman reported a breach that was 20 times over the limit and when that was assessed independently it was found to be 40 times over the limit. It was not just a single breach. It went beyond that. In his letter, Mr. Sibley...

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

John McGuinness: I certainly feel frustration about knowing whether someone was sanctioned in one way or another. When the crash came, on the night of the guarantee and so on, the figures that were given to the Minister of the time and that were talked about afterwards obviously were wrong. The banks misled everyone. The companies that represented the banks in terms of audit and so on were the ones that...

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

John McGuinness: The regulatory regime?

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

John McGuinness: My last comment on this, for today's meeting anyway, is that the one complaint that sticks in my mind that Jonathan Sugarman made at our meeting was that there were other breaches. He said he was told not to report those breaches. I am sure Mr. Lane can recall that part of the meeting, when I expressed my shock that this would be said. It goes to the heart of the issue, certainly in his...

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

John McGuinness: Were you aware of that allegation or accusation beforehand, that he had been told not to report?

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

John McGuinness: I had not heard him say so before that day. I will consider what you have written and will consider a response to it. We are now at the end of our-----

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

John McGuinness: It must be a brief one because we are finished.

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

John McGuinness: That concludes the meeting. I thank the witnesses.

Written Answers — Department of Health: Hospital Waiting Lists (18 Jan 2018)

John McGuinness: 174. To ask the Minister for Health the progress to date in relation to Our Lady's Children's Hospital Crumlin waiting list for a first appointment with a paediatric orthopaedic consultant; the measures that have been taken to ensure no child is at risk while waiting for their first consultation with an orthopaedic consultant; and if he will make a statement on the matter. [2425/18]