Results 12,101-12,120 of 26,037 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: 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.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Kieran O'Donnell: Who will be 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: Who will the two directors be?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Kieran O'Donnell: Who is the trustee?
- 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 would it be appointed as trustee? What I want to know is, ultimately, who will determine-----
- 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 it be the principal investor? Will it be one of the directors?
- 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 it correct to state that the overall beneficial ownership of the loans lies with Glenbeigh and that, ultimately, under normal company rules, the board of Glenbeigh has ultimate beneficial control over the operation of the 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: I am still not happy about this. I am an accountant but I do not fully understand how the board of Glenbeigh operates. An ordinary person, for example a mortgage holder, would have a letter. In my world, he who pays the piper calls the tune. If it were me, I would not hand over control of €900 million and just tell Pepper to go and manage it. I would want to know how my money was...
- 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 is the average rate on the note?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Kieran O'Donnell: This is a critical point. I assume the rate of return is a dividend or interest paid on an annual basis?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Kieran O'Donnell: That money will have to flow from Pepper to service the cost of servicing the bondholders. I like that it is a long-term process and that the money goes in through Glenbeigh and will be available. The money will be handed to Pepper and if the company deals with the loans over time and if there was to be a further securitisation of the loans of which it takes control, who will determine...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Kieran O'Donnell: -----for ten years or longer, and 50% of those are for more than 20 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: Could those loans be sold on to a further securitisation which would make that decision? We are acting on behalf of mortgage holders here. How would that work? I am just following it to a logical conclusion. I like the long-term nature of this proposition, but I have to go to a logical conclusion.
- 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 earliest a bondholder will be paid back is six years from now. The board of Glenbeigh might make a decision in six years' time that it wishes to sell the €800 million left on the portfolio to another investor. The money comes back into Glenbeigh and the investors in Glenbeigh are repaid. It is a conduit so that it can appear that the funds are not sold, but it ultimately has the...
- 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 does Mr. Crowley mean by note holders?
- 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 Mr. Crowley talking about the bondholders?