Results 11,761-11,780 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: That is a statement, Deputy. I am not taking a reply. I call Deputy Arthur Spring.

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

Ciarán Lynch: My apologies, Deputy Spring, under Standing Orders I must call Deputy Brian Stanley.

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 Stanley and then Deputy Spring.

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

Ciarán Lynch: We will need a bit of air traffic control to bring them in.

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

Ciarán Lynch: I would like to make a formal request on behalf of the committee asking Mr. Sheridan to give us a list of all the charges that stand since 1996.

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

Ciarán Lynch: Yes.

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

Ciarán Lynch: Will he also provide some context? In 1996 there was not significant Internet banking, so will he indicate how charges have evolved since that time?

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

Ciarán Lynch: Depending on how succinct and detailed that information is, we may need to come back to the Central Bank for more information. We hope the information will be as comprehensive as possible in the first draft.

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

Ciarán Lynch: Does Mr. Fielding reckon that the Credit Review Office's reflection at that time was accurate and that businesses are more interested in paring down debt at the moment or that is the major challenge for small businesses?

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

Ciarán Lynch: I want to put one final question before calling Deputy Michael McGrath. I came across an issue on the Askaboutmoney.com website that looks at people's engagement with financial institutions and so forth. This would be a question for the Central Bank. One of the persons who put a notice on it referred to free banking on opening his or her account initially. Then the bank changed its...

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

Ciarán Lynch: Most people in this room and most people watching probably have online banking and would, perhaps, engage with their online banking on a week to week basis. Online banking is a website operated by Bank of Ireland, AIB, Permanent TSB and so on. When I log on to my online banking page there is a section on the homepage of my account that tells me that the bank, the AIB in my case, intends to...

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

Ciarán Lynch: Could I make a suggestion that the delegates inquire about that with the banks and revert back to the committee?

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

Ciarán Lynch: I am keen for members of the committee to engage with Mr. Fielding at some stage this afternoon. Perhaps he might summarise his points. We have plenty of time for a discussion on the matter. I would like to see some interaction between committee members and delegates, as opposed to long speeches.

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

Ciarán Lynch: I thank Mr. Fielding and Mr. Sheridan for appearing before the committee. There will be plenty of time after the first round of questions for further questions to be asked. Everybody wants the banks to operate a sustainable business model. We also want a healthy level of competition in the market. Any outside observer following the committee's proceedings will want to know what is...

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

Ciarán Lynch: Has the Central Bank considered plans and strategies in that regard? Has it developed proposals that would encourage other financial houses and institutions to come into the Irish market? Is there a level of oversight of the two banks in question with regard to the charges they are planning to introduce?

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

Ciarán Lynch: I would like to build on my earlier point about the 77% of small and medium-sized enterprises in Ireland that are tied to Bank of Ireland and AIB. Many of the businesses in question are struggling. We will discuss issues such as credit availability later. According to a report in The Irish Times, Bank of Ireland has proposed to increase the 6.5% rate charged on each transaction to 8.5%...

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

Ciarán Lynch: I am talking about the present.

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

Ciarán Lynch: I am talking about two specific measures coming down the tracks. As Bank of Ireland and AIB account for 77% of the small and medium-sized enterprise market, these measures would have significant cost implications for small businesses.

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

Ciarán Lynch: Do the banks have the permission of the Central Bank to increase the charges in question?

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

Ciarán Lynch: We are 1,000 miles away from where we were in 1996. In the light of the information I have presented, I would like to know whether Mr. Sheridan thinks the Central Bank needs to review what Bank of Ireland and AIB intend to do in these two specific areas.