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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: 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.

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: Is borrowing on the interbank market now functional?

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: Given the arrangements that have been provided, selling to a fund should be a measure of last resort. The banks should have within them the skill sets to sort out these loans. They should have a responsibility. They undertook irresponsible lending. The ordinary mortgage holder looks at this and sees the banks getting off the hook for their mistakes by flogging the loans on to a fund. The...

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 trying to be constructive.

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: Based on the tracker-----

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: Yes.

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