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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: I welcome Mr. Butler and Mr. Bush. I apologise for being late. I ask the Chair to let me know if I am repeating any questions that have already been asked so that I can desist. Mr. Butler has said that if non-performing loans, NPLs, had been valued correctly by the banks on their balance sheets there would have been no need to offload or sell them. Is it his understanding of the European...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: The regulator is working to that definition.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: In Mr. Butler's view there should be no requirement for extra capital to be put aside for loans if they have been correctly provided for or revalued to their real value.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: It is something we will tease out further but, under the EBA's rulebook, loans do not become not non-peforming even if adequate provision is made. That is one of the reasons the banks are selling these on, a practice with which I do not agree.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: With regard to the UK House of Commons committee report - and it is fair enough if the witnesses have already addressed this - do Mr. Butler or Mr. Bush agree with the recommendation to break up the big four auditing companies? What is their view on the view that the consulting businesses are being used as cash cows and should be separated from the overall companies?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: Should that issue, the break-up of the big four, also be on the agenda in Ireland?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: What is the advice of the delegates to the committee on what we should do? They made their opening statements and engaged on our questions. The committee can do further work in examining what is on the public record and the delegates have also agreed to send us further correspondence. Where do they suggest the committee go with all of this material and with whom should we engage? Should...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: Mr. Bush believes it would be a good step to engage with the committee at Westminster in the first instance.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: How far back would they have to restate them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: Is Mr. Butler saying the banks should not have been given the emergency liquidity assistance by the euro system and the ECB because they were insolvent and had not been recognising the losses?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: By extension, therefore, the promissory note cancellation could be challenged.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: What are the witnesses' views on the current regulatory architecture in Ireland for accounting and auditing? We have the Irish Auditing and Accounting Supervisory Authority, IAASA, which involves ministerial appointments and the prescribed accountancy bodies are represented on it as well. As I understand it, the role of IAASA is to oversee the regulation of the profession by the prescribed...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: Can Mr. Bush tell us and the people watching this meeting who is the regulator of the accountancy and auditing professions in Ireland, as he sees it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: Is Mr. Bush describing it as essentially self-regulated?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd (28 May 2019)

Michael McGrath: It would dispute that, but that is Mr. Bush's interpretation.

Written Answers — Department of An Taoiseach: Cabinet Committees (22 May 2019)

Michael McGrath: 80. To ask the Taoiseach the number of Cabinet committees that exist; the areas they cover; and the dates each committee has met in 2019. [22208/19]

Written Answers — Department of Finance: Insurance Industry (22 May 2019)

Michael McGrath: 85. To ask the Minister for Finance if there is a complaints mechanism in place for claimants wishing to make a complaint against a company (details supplied); and if he will make a statement on the matter. [22225/19]

Written Answers — Department of Finance: Insurance Industry (22 May 2019)

Michael McGrath: 86. To ask the Minister for Finance the entity that owns a database (details supplied); if it is solely the property of an organisation (details supplied) that maintains and runs the database; the entity that is the data controller of the information held on the database; and if he will make a statement on the matter. [22226/19]

Written Answers — Department of Finance: Insurance Industry (22 May 2019)

Michael McGrath: 87. To ask the Minister for Finance if an insured party is entitled to access information relating to them held on a database (details supplied); and if he will make a statement on the matter. [22227/19]

Written Answers — Department of Finance: Insurance Industry (22 May 2019)

Michael McGrath: 88. To ask the Minister for Finance if insured persons are informed if their information is put on a database (details supplied); if they have the ability to prevent information being shared on the database; and if he will make a statement on the matter. [22228/19]