Results 10,081-10,100 of 16,492 for speaker:Ciarán Lynch
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Deputies Aodhán Ó Ríordáin and Arthur Spring are sharing 12 minutes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Let us say I borrow €1,000 from a licensed moneylender this afternoon. Will my loan be registered anywhere?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: I call Deputy Pearse Doherty.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: I shall try to get order for the Deputy. I ask members to desist from talking when others are asking questions. Deputy Doherty to continue, without interruption.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: The Deputy is halfway through his time and there has not yet been a response.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: The Deputy's point has been made.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: The Deputy must finish so I can bring in the next member.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: They Deputy must allow time for responses as well.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Deputy, I will move to the next question if you interject once more. Mr. Sheridan should proceed without interruption.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Deputy-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: I will allow the Deputy his time but he should be measured in his language. Accusations like "criminal" are moving the Deputy outside his own privilege. He should be careful.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: The profit margin in this area is so good that everybody will be seeking higher rates. It is the nature of business to want always to make more money. How much money would one of these companies make on a €1,000 loan at 287% over a four month period?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Mr. Sheridan in his opening statement said that there is much commentary and concern in regard to what is happening in the high street in Britain. Is the Irish market as currently structured attractive to such lenders? Can the Central Bank, under current regulations, facilitate interest rates of 5,000% plus, as is currently the case in Britain?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Some of the companies operating in this area in Britain are very big and must certainly be looking at the Irish market. It is obviously a profitable business area given there are 360,000 operators engaged in it. Would the Central Bank be concerned about interest rates which are in excess of 3,000%, 4,000% and 5,000%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Regardless of whether they had borrowed from banking institutions?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: So the majority of the 360,000 people who borrowed are with licensed moneylenders, not banks or credit unions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Is that separate from banks and credit unions?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Some €200 million in loans are outstanding in that category.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: Mr. Sheridan mentioned that APR rates were at or could cap out at 200%. It is an astronomical figure. Ireland entered the troika bailout programme because we could not get money cheaply, namely, below 8.5%. The affordability level of these interest rates indicates a worrying return. Of the 360,000 loans, what percentage have been completed in full? Have almost all of them been repaid?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)
Ciarán Lynch: What is the default rate in the market? Is it 10% or 20%?