Results 11,281-11,300 of 26,021 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: Going back, why was the tracker mortgage scandal not picked up earlier by the Central Bank if it was going on for all of those years and if the Central Bank was charged with regulating the banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I am sorry but-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: With due respect to Ms Rowland, the tracker-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: We only started on that when the tracker mortgage issue came to light in 2015, but the tracker mortgage scandal had been going on for years before that. I am not a regulator but we had ordinary people coming to us. I acknowledge the work the Central Bank has done but I have been a Member of these Houses since 2007. I was here on the night the bank guarantee was brought in. We dealt with...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I just want the year. What was the year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: In what year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: Roughly.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: The question I am asking, which is a very legitimate question, if this was going on for all of those years - over a ten-year period to 2015 when it came to light here - why did the Central Bank not pick it up? The banks knew they were doing it and the regulator was regulating the banks, so why was it not picked up by the Central Bank in its regulation of the individual banks? At this stage...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I am not denying that. I am making the point that-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: -----we can speak about the body of work but the bottom line is that the banks knew what they were doing. They were compensating their balance sheets because they were under severe pressure. They wanted to get profits. They found profits in any way they could. It was the role of the regulator to protect the interests of the consumer. The major investigation on this did not commence until...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I have two more very quick questions. When did the Central Bank first become aware of the tracker mortgage scandal?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: In what year did the Central Bank first become aware, as the regulator, that a tracker mortgage scandal was under way across all of the mainstream banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I do not want to-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I do not want to labour the point. There was €693 million in compensation. This is nearly €700 million, almost three quarters of a billion euro. I had a very simple question. If the witnesses do not want to answer it, that is fine. When did the Central Bank, which was the financial regulator at the time, first become aware of the tracker mortgages scandal? When was it...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I believe it is a reasonable question about when.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: That was ten years after the tracker mortgage scandal started. It was too long.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I believe it is a legitimate question to ask. As the regulator, the Central Bank was the financial regulator at the time and it should have picked up on the tracker mortgage scandal way before that date.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: I put it to Ms McEvoy that based on what developed subsequently, this had been endemic for years, from 2004 onwards. The Central Bank as financial regulator should have picked up on it. I have some final questions because I am aware that colleagues want to contribute. The Central Bank spent 3,000 hours investigating. What was the cost of the investigation to the Central Bank? Will Ms...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages Report: Central Bank of Ireland (24 Oct 2019)
Kieran O'Donnell: Is there a specific number of staff involved?