Results 8,981-9,000 of 26,737 for speaker:John McGuinness
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Once one has a bank licence, and there are four in this situation, that is a legal entity all of its own.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: It has a licence all of its own, and it has a reporting mechanism all of its own.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Why are licences established in this way? For example, there is AIB plc, and then there is AIB, plc. Why would they not have really distinctive names or descriptions so that no one is confused? If we are to understand that that is a different company, one notes there is only a comma in the difference. Why is it structured like that? Why not create a clearly named entity that has no...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: I do not think we have been clear enough on this in the past. With our new holding company, that is, AIB Group plc, we have tried to signify that it is at the top of the group. The banking company that was at the top of the group until last week is Allied Irish Banks, plc.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Is that the main group?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: There is AIB comma-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: What are the other ones? There is also AIB.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Who are the holders of the four licences?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Are all of AIB's mortgages held by AIB Mortgage Bank plc?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Are other banks structured in the same way?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: That makes four licences.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Two of them are with EBS, one designated for mortgages and one for general activity.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: The same structure applies with AIB, plc and AIB plc.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Allied Irish Banks, plc is the main bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Very well.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Do the customers deal with AIB, plc?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Is that right, generally?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: The customers have mortgages, and products like that. They deal with AIB Mortgage Bank plc.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: Does the witness mean AIB, plc by that?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Paradise Papers (Resumed): Allied Irish Banks (14 Dec 2017)
John McGuinness: However, the customer signs up to a mortgage. Are they signing up to AIB, plc, or are they signing up to AIB Mortgage Bank plc, that is, the funding vehicle?