Results 12,341-12,360 of 16,285 for speaker:Peadar Tóibín

Written Answers — Department of Communications, Energy and Natural Resources: Wind Energy Generation (9 Jun 2015)

Peadar Tóibín: 1133. To ask the Minister for Communications, Energy and Natural Resources if his Department has completed a hydro-geological study on the cumulative impact of the Government's proposal to produce 40% of our electricity from wind in view of the amount of concrete need for each turbine base, hard stand areas and associated road infrastructures required by turbines. [22220/15]

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: I move amendment No. 2:In page 3, to delete lines 19 to 25 and substitute the following:“(c) by substituting the following definition for the definition of “retail credit firm”:“ ‘retail credit firm’ means a person prescribed for the purpose of paragraph (g) of other person who holds itself out as carrying on a business of, and whose business consists...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: Why not regulate all of the mortgage providers at all levels?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: I understand, but why would we not simply regulate? We have experience of deregulation in this State. Our banking inquiry, which is taking place in another committee room, is focusing on the fact that there was a policy trend towards deregulation and a lack of implementation of regulation which resulted in the crisis that happened for us as a society. I understand the Minister has...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: I will give the Minister an example of a constituent of mine who had a loan with a particular bank. He offered to pay 30% of that loan in a negotiated fashion, but the bank refused that negotiated offer and sold the loan to another firm. That firm was not incorporated on the day the loan was sold, and he understands the loan was sold for 15% of its value, which was 15% less than the money...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: Contract law has not offended the many people we have discussed so far in their interest. In the general mortgage sphere under the code of conduct, there are many mortgage holders who have had a disastrous experience. Let me give an example. A couple who are pensioners from my home town of Navan have a mortgage with one of the banks that are covered but had a disastrous experience over the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: Should a mortgage holder know who owns his mortgage?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: Does the regulation ensure that a person knows who the owner of his or her mortgage is?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: Does this legislation guarantee to the mortgage holder that he or she will know who the owner of the mortgage is?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: It would disadvantage me as a mortgage holder not to know who is holding my mortgage. My strategy in terms of engaging with my mortgage owner would be governed, to some degree, by who that owner is; it could be a vulture fund which looks to repair the mortgage and deal with it or a vulture fund which has a track record of seeking to repossess as fast as possible to realise a profit.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: I wish to press it.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: It is important to focus on what is being done today. A group of people, some of whom are present in the Gallery, took out mortgages that were subject to regulation. As a result of a Government decision, however, their mortgages are no longer regulated. A whole sector of financial services is putting the squeeze on citizens. Families need a home because without a warm, safe and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: The Minister has outlined the purpose of the Bill as he sees it, but I suggest the purpose should be to protect home owners from the predatory practices of vulture funds. Does he know what I mean?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: Okay, but-----

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: The purpose of my existence in Leinster House is to protect home owners from the predatory practices of vulture funds. The Minister mentioned that he had no evidence of vulture funds seeking to repossess asap for profit stripping. I have that evidence. There are numerous examples of families who are in arrears for a couple of days on unregulated mortgages only and who immediately have...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: I move amendment No. 7:In page 5, to delete lines 7 to 24.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: The Minster mentioned that some of these mortgages are wrapped up in large loan books. All we need to do is to put a barcode on each mortgage so that individual mortgages can be ascertained. It is not rocket science. What we are looking for is transparency in this process. Transparency is good for the citizen and for the management of the economy. For example, on Monday I had a look at...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: I shall go through the issues. One of the points that the Minister for Finance made was that a lot of mortgages were simply rolled into very deep loan books, which made it impossible to determine individual experiences when trying to outwork a mortgage. I suggested that a barcode be put on each mortgage, which is done in the United States. Such an initiative would allow for rolled-up...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: I move amendment No. 14:In page 6, line 8, to delete “3 months” and substitute “1 month”. The amendment is similar to amendment No. 13. I would appreciate if the Minister of State could recap. Is he saying that the firm would not be able to deliver or manage credit before authorisation is achieved?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015: Committee Stage (27 May 2015)

Peadar Tóibín: What exactly can the firm do in the three months?