Results 10,161-10,180 of 26,493 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: Let us consider the speech given on 8 March. Would Ms McKiernan not accept that, on the basis of the speech, anyone listening would run a mile from the credit unions? Without an explanation for the numbers involved, we do not know the scale of the issues she is describing to us. I would have far preferred if she had answered in numbers by saying that the Central Bank has concerns about a...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: I still have concerns. I am going to work quickly through what Ms McKiernan said to try to restore some structure in terms of the position of the Central Bank versus the credit unions. Earlier, officials from the Department of Finance appeared before the committee. The representatives clearly said that everything was the fault of the Central Bank, basically, and that everything was under...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: The point is the Central Bank will not quantify them in numbers. That is my concern. I think it is necessary for the Central Bank to spell out the numbers we are talking about. Credit union representatives put it to us that they cannot develop their businesses because of the extent and nature of the regulation that they fail to understand. Ms McKiernan referred to the business model...
- 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. It takes me back to my question. How many basket cases does the Central Bank have? How many credit unions is the Central Bank concerned about? Ms McKiernan did not give us figures. She says it generally in terms of the credit unions. She says that some require more attention than others and that some are not observing regulation. It is only fair to those doing their...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: I thank the witness for the explanation. I will finish on that particular point. The witness said that mentioning the number would make it the focus. However, when the number is not mentioned, they all become the focus. I think that is unfair to those credit unions that are performing. I believe most of them perform reasonably well as of now because of the corrections that were made by...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: I understand that. General commentary like that is also destabilising because it sucks the confidence out of a sector. That is the problem that I see in it.
- 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, once the witnesses tell us how many there are. This forum here is trying to drill down into the issues around credit unions, why they are not allowed to do one thing or the other and the regulation around them. I accept the witness's point, but I want to know how many credit unions we are talking about. We are not going to get the figure, so I am not going to labour it....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: Yes, but I am wondering now if my credit union is one of them.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: Okay. The other question-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: I wish to take up a point made by Deputy McGrath. Something is clearly not right here and it must be said. I am sure that all of what Ms McKiernan has just said would be accepted by the credit union movement as being what they want to hear. Deputy McGrath went back to the €1 billion figure. That was around October 2011. It was disgraceful and damaging to the credit union movement...
- 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 respond to Ms McKiernan after Senator Burke asks some more questions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: How long will the consultation process take?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: If a new regulation is to be introduced or a regulation changed, does that process require the Central Bank to engage with all parties or can it introduce a regulation without doing so?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: Could it be done without consultation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: It is an obligation. Are quarterly reports prepared? Would it be possible to go get some sort of regular report for this committee?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: Would the witness mind giving us what she considers reasonable reports?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: For example, a report to highlight the information the witness gave to Deputy Michael McGrath this morning and any changes to that. It would inform the members. The credit union movement in their different guises have told us that they have made many proposals. There was reference today to proposals not having been made. That has to be clarified between the Central Bank and the credit...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: Perhaps they were proposals that could not be acted upon.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
John McGuinness: Were there other proposals?