Results 12,081-12,100 of 26,032 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: I am dealing purely with the money provided to Glenbeigh. The year 2057 is almost 40 years away. What is the minimum duration of a bond under the prospectus?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: How much in total is Glenbeigh raising by way of bonds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Will Mr. Crowley give me a breakdown of when the six-year loans have to be repaid? What percentage are six-year bonds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: I accept that. Legally, the minimum duration of a bond is six years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: What percentage of the €900 million is six-year bonds? Can Mr. Crowley give me a breakdown as to whether, say, half of it is a bond that matures in 20 years? I need to get a handle on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Mr. Crowley has not answered my question. Legally, I am interested in matching long-term funding with long-term loans.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Is there a minimum maturity date?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Could the bondholders turn around in six years time and say they want their money back?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Could the bondholders who provide the €900 million come along in six years time and say, "We want repayment of our €900 million today"? I want a "Yes" or "No" answer.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Mr. Crowley is saying the minimum period they can be repaid in is six years. Who does control lie with to determine over what period they can be repaid? It is a very straightforward question. Mr. Crowley is saying they can be repaid-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: With regard to Pepper, we have a vehicle whereby €900 million is raised. That is then with Glenbeigh and it uses that to purchase the loans from Permanent TSB.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Effectively, the bonds can then be traded - they are marketable securities.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: No. Effectively, Glenbeigh itself-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: The money is there.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Why is Permanent TSB retaining 5%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: As a securitisation vehicle.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: With regard to Pepper, I ask Mr. Ryan to explain how Glenbeigh is the provider of the €900 million towards the purchase of the loans yet the legal title of the loans is retained by Pepper. Did Pepper pay anything for this? He who pays the piper calls the tune.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: It is purely an administrative measure. The beneficial owner of the loans continues to Glenbeigh.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: Does the strategy and policy around the loans lie with the board of Glenbeigh? Who is on the board of Glenbeigh?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Kieran O'Donnell: I am interested in who is on the board of Glenbeigh? Who is chair of the board? What role does the board have in regard to the loans? I am talking about the board of Glenbeigh, not the operating board Mr. Ryan made reference to.