Results 10,101-10,120 of 26,465 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: Does Mr. Carville not agree that, in the context of housing in particular, as he oversees, gets reports, attends meetings and reports back, the train is beginning to leave the station, poorly equipped to deliver on the housing construction that is necessary? In spite of that, the credit unions, who continue to appeal to be allowed into the market, are not being allowed in because some report...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: Has any house been built arising from the proposals of the credit unions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: The witness does know.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: If Mr. Carville does not know, perhaps the head of credit union policy in the Department, Mr. Corr, should be here. The answer to the question is "No" and Mr. Carville knows that is the answer. The credit unions have not been able to do a deal to get into the housing market. They are being frustrated at every turn. That is what I see from this. I am quoting what Mr McCrory said but the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: The credit unions have stated the housing body is having conversations with the Department of Finance in regard to the credit unions participating in solving a major crisis that the country faces. What conversations have been had? How many meetings have been had? Where is the obstacle which is preventing this from being delivered?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: The regulator is responsible.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: So the regulator is responsible, not the Department of Finance. That is all I want to know.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: I am getting there. Thus far, on all the questions Mr. Carville has answered, the regulator is responsible. In terms of the credit unions being able to participate in house construction and mortgages and so on, the regulator is responsible.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: That is fine.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: In the ILCU's opening statement, it was claimed "We receive political encouragement from [an] Oireachtas that [has] handed ... nearly all effective responsibility to the Central Bank." Is that true? Has all effective responsibility been handed to the Central Bank and the regulator?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: Who controls the merry-go-round in terms of regulation? Is there anything the Department can do in terms of suggesting legislation to the Minister that would change the approach to credit unions and give them a more flexible hand in dealing in a measured way with their community and in better engaging the €11.5 billion they have in the banks? Does Mr. Carville think the €11.5...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: But they cannot put them anywhere because the witness controls where they put them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: The regulator does.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: I will return to a point made by Deputy Sherlock. For the purpose of understanding this issue, I will describe the credit institutions resolution fund. The target level of funding for the resolution fund was €100 million and it was envisaged that the credit institutions would contribute €25 million per annum for four years until the €100 million target was achieved....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: Mr. Carville did not address the credit institutions resolution fund.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: Mr. Carville should address the fund we are talking about.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: Mr. Carville stated there was €250 million in the credit institutions resolution fund, of which €30 million had been used to address difficulties in the credit union movement. The question members asked is why the levy imposed on financial institutions continues to be collected after the four-year collection period has elapsed. The hole in the credit union movement's finances...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: Have all the credit institutions met their obligation in respect of the fund?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: Every other financial institution that was expected to pay into the credit institutions resolution fund has done so. Do they continue to make payments into the fund in its fifth year or do they have a legal right to refuse to continue to pay into a fund that was established for a four-year period?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)

John McGuinness: The fund was for established for four years.