Results 12,301-12,320 of 26,032 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: They made a point of unilaterally bringing this up at the start of the meeting. We did not ask this question - they brought it up. These were officials from the ECB in Frankfurt.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: They said they did not want it to be said that they were the people causing the banks to sell to the funds and to bring their non-performing loans, NPLs, down at an accelerated rate. We then got into the space about the split mortgage and the affordable and functioning mortgage. I ask Mr. Masding and Mr. O'Sullivan to address those points.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: Have they set targets?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: That is a critical point. Mr. Masding has made a number of appearances before the committee. I have interpreted the reason for his actions, apart from the financial reasons of the banks, as being that the ECB, as the regulator, was putting pressure on him to get the number of non-performing loans down expeditiously.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: Is Permanent TSB regulated directly by the ECB?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: What is the European average?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: Would the regulator not have insisted on selling to funds?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: Was that a decision for the board of Permanent TSB?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: What percentage of loans are non-performing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: What is the target in the next few years?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: In what timeframe?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: That is a little like the ECB stating to Permanent TSB that it wants the bank to bring down the number of non-performing loan but without telling it how to do it. Mr. Masding needs to give the committee some indication because people are fearful that there will be further sales of loans to vulture funds.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: When does Mr. Masding anticipate that he will have reduced the ratio to 8% to 9%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: Will Mr Masding indicate in monetary terms the value of the loans that must be sold to achieve that reduction in the NPL ratio?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: What is the total amount of money involved in Project Glas loans?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: Is the bank looking to do it in the next three to six months?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: How does one do that? If the bank is looking to sell loans worth €2.1 billion to a vulture fund, how can it look to reduce the value of non-performing loans by a further €1.5 billion in six months without selling the loans to a vulture fund?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: Will Mr. Masding indicate, in layman's terms, what he means by the phrase "capital market solutions"?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: Will all of those propositions involve the sale of loans?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Property Loans (Project Glas) By Permanent TSB: Discussion (11 Oct 2018)

Kieran O'Donnell: Of the measures Mr. Masding mentioned, would any of them involve the internal restructuring of loans? Everything Mr. Masding has mentioned would involve an external sale. Securitisation is a sale.