Results 10,101-10,120 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: We can safely say that approximately 80% of people are servicing their loans. If one operates on the basis that risk in lending is determined by the interest rate and that 80% of loans are performing, why is the Central Bank allowing such a high interest rate to operate in the market?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: With an interest rate of 287%, surely one could not add more penalties.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: That leads me to my next question. According to the report, people are satisfied with the service, but I would like to know what question was asked. It is certainly easier to get a loan from a licensed moneylender than from a bank or credit union. With some moneylenders, one can almost get loans online. However, quality of service and access to money are separate matters. There is a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: Did the Central Bank make any intervention in 2013?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: Did the Central Bank make an intervention in 2013?

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 must realise that I am extraordinarily tight with my own time and will be just as tight with members' time. If a question is put to Mr. Sheridan, will he please answer it first and then elaborate? Was an intervention made against a company's licence in 2013, 2012 or 2011? When was the last time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: Was there an intervention regarding a company's existing interest rate that resulted in the rate's reduction?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: The Central Bank has not made an intervention that led to a reduction in interest rates.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: Firms can have the interest rates that they have been granted for a number of years until their licences come up for renewal, but at no time has the Central Bank made an intervention to reduce an interest rate that it had already granted. Am I correct in saying that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: I want to be clear, as members will need to be certain about this matter when they are asking questions. Mr. Sheridan's section in the Central Bank sets the ceiling for the interest rates allowable for these companies. It is not set by legislation, but at Mr. Sheridan's desk.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: How does Mr. Sheridan justify a company charging an interest rate of 287%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: I know, but the Central Bank can intervene to reduce them. Why is it tolerating an interest rate of 287%?

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 revert to my question. Am I correct in believing that the Central Bank has set the maximum interest rate that can be charged for a loan regardless of the schedule? The maximum APR that can be applied in Ireland is 287%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: More than 80% of the market is performing. Perhaps I am wrong, but the interest rate applied to a loan is based on risk - that is, whether the borrower will repay the money. As Ireland discovered in the international monetary markets before we entered the bailout programme, we could not get affordable money because the interest rate increased. That was 8.5%, but we are discussing 287%....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: The Central Bank has never made a reduction on an existing licensed rate. That is what Mr. Sheridan stated.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: Are these licensed or unlicensed moneylenders?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: I thank Mr. Sheridan. We will rotate in rounds of 12 minutes for questions and answers. I thank Mr. Sheridan and his officials for coming before the committee. The report makes for very interesting reading. I wish to discuss the Irish market as it is and will be for licensed moneylenders. Are the 360,000 people borrowing at present from licensed moneylenders borrowing from them only and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Scrutiny of EU Legislative Proposals (29 Jan 2014)

Ciarán Lynch: Item No. 9 is a report on decisions regarding scrutiny of EU proposals on 18 December 2013 and 29 January 2014. This item is purely technical as the joint committee wishes that I read into the record the recommendations of the sub-committee on European scrutiny and put on record the decision of the joint committee in regard to these recommendations. The following items warrant further...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Report on Licensed Moneylending Industry: Central Bank of Ireland (29 Jan 2014)

Ciarán Lynch: I welcome Mr. Bernard Sheridan, director of consumer affairs at the Central Bank of Ireland. Mr. Sheridan is accompanied by Mr. Colm Kincaid, head of consumer protection, banking, insurance, investments and policy; and Mr. Terry Murphy, consumer protection, banking, insurance, investments and policy. Mr. Sheridan is here to discuss with the committee the Central Bank’s report on the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Public Expenditure and Reform: Estimates for Public Services 2014
Vote 13 - Office of Public Works (Revised) (29 Jan 2014)

Ciarán Lynch: It was €5.5 million.