Results 8,861-8,880 of 26,737 for speaker:John McGuinness
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Okay. Regarding the list of credit servicing firms, again we were dealing with Capita Asset Services. I understand it was purchased by Link.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: In registering these firms is it possible to insist on the name being registered in such a way as that there is a clear distinction? For example, we have Acenden DAC and Acenden Limited. These are two different firms doing the same thing. Is that right?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: They are listed as credit servicing firms. Going down through the list, I am making the point the distinction between these firms is not clear enough. I presume they are separate legal entities of their own standing as they are registered here.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: It is similar to the question we asked of AIB when it came before the committee. AIB has in excess of 100 companies and it has two banking licences. It would seem, from reading the name of the bank that holds the licence, the only difference in the context of the visual, is in the titles "AIB plc" and "AIB, plc".
- 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 in specific terms about AIB. Is this not AIB plc and then AIB, plc?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: The bank only has two banking licences and that comma is the only difference between both of them, excepting the fact they are two very separate entities. When a person goes to a court and begins to explain publicly that his or her loan was with AIB, plc, the courts can often believe that the person is tricking around with the title but in fact it is quite a significant and fundamental...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: That is okay. The other issue on the vulture funds is that the responsibility and the obligation conditions of the original loan travel with the loan wherever it goes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Concern has been raised at this committee, particularly from the small and medium-sized enterprise, SME, sector, about restructuring units within AIB and Ulster Bank. The unit in Ulster Bank came into focus first. Some loans that were sold on were performing loans. It has been found that the loans are now mixed up under the name of one particular fund. There may be a number of portfolios...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: When 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: The Central Bank observes the market and the activities within that market - good and bad. When the Central Bank is asked whether it wants more powers, would it say to the Minister that from a consumer protection aspect, perhaps the Government should look at having an ombudsman or a role for the Central Bank to play in protecting SMEs that have a turnover value up to €50 million?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Could the Central Bank offer that advice to this committee?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: With regard to the proposed Irish banking standards board, which was raised earlier on, what do the witnesses believe the make-up of the board would be? Have the witnesses been asked about the make up of that board?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: Yes, to ensure that it is not just window-dressing.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: What about their independent appeals board as regards trackers? Is Professor Lane satisfied that the boards or systems are independent?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: For clarification, it was stated that the Central Bank had said there was some degree of satisfaction with those agencies.
- 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 make it clear that I earlier went through this issue with the witnesses and I am not satisfied------
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: That is okay. The Central Bank needs to remind these credit servicing agents of their obligations and responsibilities to the Oireachtas. The formal complaint that I have made to the Central Bank through the committee indicates that these companies are using strong-arm tactics with individuals and Members of the Oireachtas have complained to me about them. I expect that, in line with what...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: They are horrendous.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)
John McGuinness: It might also include the Central Bank examining the recent report published by this committee on the credit union sector. The witnesses might let us have their views on the report and on community banking. If the bigger operators, the commercial banks, are not going to service local communities in the way a Sparkassen bank does in Germany, perhaps the time has come for the Central Bank to...