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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: That is slightly different.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: In the time I have, I want to be quite narrow.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: I am zoning down on one specific question. Let us say someone was with AIB yesterday and his or her loan is sold on to a fund. We are told that many of the funds have borrowed short term. In essence, they are highly geared and they are loan vehicles which borrow from pension funds themselves. The funds might have borrowed that money for a five-year period but they are taking on loans from...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: If this legislation was enacted, what would be the major consequences for the Central Bank in terms of the mortgage market, the way customers are treated and the cost to customers? What does Mr. Sibley believe would be the major impact?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: What about the impact on consumers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Before I go to Mr. Tobin, does Mr. Sibley believe it would drive up the cost of interest rates for mortgage holders and drive up the rate of house repossessions by the current mainstream institutions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Mr. Sibley’s job is to advise.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: What does Mr. Tobin think?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: As distinct from the institutions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: As I said to Mr. Sibley, however, Mr. Tobin is paid to advise. That is his role.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: I am nearly finished.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Finally, why does the Department believe the Bill to be unconstitutional?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: How do the objections of the Department differ from those of the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: No. We will not go into that today. Are the two organisations on common ground?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: What is it today?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: Some €140 billion was effectively borrowed through the ECB. That borrowing is now less than €5 billion. Does the Central Bank include the €30 billion promissory note in respect of Anglo Irish Bank's emergency liquidity assistance, ELA, in that €140 billion?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: That is not quite-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: I would not put that in the same category.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: With due respect, including the Anglo Irish Bank amount would not be putting like with like.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion
(2 Apr 2019)

Kieran O'Donnell: I apologise for digressing. It is a technical point.

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