Results 11,721-11,740 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: What procedure must the chief executives of AIB, Bank of Ireland and Permanent TSB undertake? Do they write to the Central Bank requesting permission to introduce a charge?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: I will not be emotive and suggest that these charges are just another way of bailing out banks. If one takes a middle ground position that banks have to operate a sustainable business model, albeit in an area in which there is competition, the process is that the bank writes to the Central Bank with a proposal for the introduction of a charge. A decision has been made in 11 such cases to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: They were partially granted as well.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: How many applications were fully refused?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: That is a refusal rate of less than 10%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: It is a partial granting as well. To use the analogy, it is being a little bit pregnant. When the charge comes through, the charge comes through.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: The bank makes an application, which goes through a process of scrutiny in the Central Bank, and the charge is partially, provisionally or fully granted. Are the decisions ever re-examined in order to consider whether the case as presented on the first day is sustainable? In other words will the 11 charges that have been introduced in one capacity or another this year be reviewed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: Could I ask Mr. Sheridan to consider the rate of refusal since 1996? Mr. Sheridan has undertaken to supply additional information. When so doing will he also respond to the following issues: has any charge been reviewed in the first instance; and following such a review has any charge been removed or reduced?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: In that case, there was the exertion of plenty of pressure, and in fairness this was not instigated following an internal review.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: Yes, but the Central Bank was requested to conduct the review.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: In respect of day to day customer charges for mortgages, has any one of these charges been reviewed and removed since 1996?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: Is it the policy not to review a charge once it has been introduced? Is that the international practice?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: Is the policy of the Central Bank similar to what applies in Canon Law, that once a charge has been granted it cannot be questioned afterwards? It will not be questioned afterwards.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: It has not been questioned.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: I call Deputy O'Donnell who will discuss the same matter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: I have a question for Mr. Fielding and Mr. Sheridan. I refer to the upcoming implementation of the single euro payments area, SEPA. This is a standardised electronic payments system across 32 associated countries of the SEPA region. The purpose is to allow transactions on a major contract by a company that may have people working in Britain or other countries. I was in Turkey last week,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: Is it a universal charge rather than no charge?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: Perhaps the Central Bank can give the committee a rundown of where banks in this country are in respect of the implementation of the standard electronic payment system. Are system protocols and software systems in place to fit into the system when it comes online later in the year?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: Can Mr. Sheridan provide us with a progress report on the banks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Bank Charges: Discussion with Central Bank and ISME (17 Apr 2013)

Ciarán Lynch: Mr. Fielding deals with the other side of the issue, the businesses. Recent media reports indicate 40% of companies in Ireland have not yet started preparing for SEPA. That is a concern.