Results 9,421-9,440 of 26,737 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: If those banks that Mr. Lane states did not take this seriously enough were known, why were they not fined? Why was some sanction not introduced to indicate that if the banks were not going to play ball with the Central Bank and meet the deadlines, which are pretty loose, they would be fined?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Let us mark it down as a difference of approach between the Central Bank and the members of the committee, certainly me. Other members of the committee referred to it earlier but when we see this as a human tragedy, hear it explained and realise what the banks do to the people who are their customers, it is completely different from how the Central Bank treats the banks in question. Those...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: They will sign off on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: It should not be on the basis of their morals. Morals and banks do not sit easily together in my mind. Has this scandal been raised at the meetings Professor Lane attends in Frankfurt and the European Central Bank, ECB?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: The long answer would probably come from asking what is being said about it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: What support is received from the ECB for the challenges with the banks here? Is it sitting on one side watching this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Has it shown an interest in what the Central Bank is doing? Does it support what is being done and has it asked to provide support, perhaps bringing in some European Union regulation or rule in support of the customer? Does the ECB think the banking system in Ireland is manned by cowboys?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: We understand that. We are asking about the customers out there.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: I have some short questions on tracker mortgages sold by the banks to vulture funds. Is there a figure on this or how would a figure come about?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: With the mortgages that have been sold, what redress would there be?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Even though the original lender is responsible, and even though some individuals have written to the Financial Services Ombudsman and there has been no decision yet, the tracker has still been sold to the vulture funds.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: That leads me to the question of repossessions. If some of the loans sold to vulture funds are now under pressure to honour the increased payments, then the next step is eviction and some have been threatened. Is this the kind of repossession that the Central Bank will insist the original lender, in contact with the vulture fund, act to stop? We said earlier on that there would not be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: If the dispute is in the courts? They should not be doing that then. How many of the redress proposals from the banks have been rejected? Have there been many?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: I come to the matter of communications with the banks, where individual customers write to the banks looking for information or trying to get their paperwork or whatever the issue might be. I noted earlier that the Central Bank officials look at paperwork in the banks they go into. It has been widely reported that customers have been told that documents are missing and that conversations in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Many customers have written in to say that they cannot get their paperwork or the particular recording-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: I come to my last question on this issue. In its examination of paperwork, has the Central Bank ever come across a situation where a bank was running a second account in the name of a customer without that customer knowing about it? I refer to a second internal account, a shadow account, as it were, which the bank might claim only exists for internal purposes. This account would be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: Would that not form part of the paperwork that the customer should receive? Why would a bank run shadow accounts to run payments in and out of accounts without making this known to the customer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: It is described it as "a current account for internal purposes, to discharge legal, professional and other fees accumulated in relation to the bank's management of the account". It is described as a current account. If it is a current account, as I understand it, then the holder of that account should at least be given information about it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: I will do so. I understand that the witnesses may already have it but I will send it on anyway.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

John McGuinness: We are back in public session. I invite Deputy Pearse Doherty to speak.