Results 1,221-1,240 of 7,777 for speaker:Joe Costello

Public Accounts Committee: Business of Committee (18 Dec 2014)

Joe Costello: I have no wish to cut across either you, Chairman, or the clerk but I am calling for this to be scheduled for January and I will explain why. NAMA and Dublin City Council have moved to take over the strategic development zone area in the docklands. Nevertheless, it appears that the Dublin Docklands Development Authority is still disposing of property. It would seem those in the...

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Does the Central Bank have any comment on it?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: I am asking about it because I think it is a great idea if it can be done. Money would be safe and so on.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: I certainly agree with the Irish League of Credit Unions and An Post coming together. There is a synergy there that would be very valuable throughout the country. There would certainly be a considerable overlap of membership and indeed an increase. The whole would be greater than the two individually.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Everything can hardly be wound up at the end of 2015, with the knowledge that particular credit unions may be sound, if there are unsecured bonds that may not be retrieved in the context of the IBRC resolution. It relates to the funding in the pot. Is it not expected that the witnesses would check with all 16 to see precisely what impairment there might be down the road? There could be...

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Will the witnesses revert to us with some further information on the 16 credit unions?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Is it allowable for a credit union to conceal an impairment?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: I am only talking about information; I am not talking about the restructuring. Surely a credit union cannot be restructured until one knows if there is impairment.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Is it not part of the witnesses' function to find out what needs to be restructured? As former Senator O'Toole said, how can a clean bill of health be given to the entire credit union movement? The good news story has to come out, but for the 16 credit unions, we do not know what the level of impairment might be.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: That is all the information I am seeking.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: These are the 16 credit unions that are unsecured bondholders.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: We do not know the number of family credit union members or bondholders we might be burning if nothing comes back to them.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: The Comptroller and Auditor General has put it much better than I could. That is precisely what I am looking for. Can we obtain a note on that matter?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: I have a final question related to the matter raised by Deputies Paul J. Connaughton, Gabrielle McFadden and others about the possible amalgamation or merger of the Irish League of Credit Unions and An Post. An announcement was made last week by the Minister for the Environment, Community and Local Government on the role credit unions might play in the delivery of social housing. I read a...

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: The Central Bank would no doubt have ideas about this, particularly the strict limitations on lending. The maximum is €5,000 per month. I do not know if that is adequate in the case of small and medium enterprises. There is to be a new expansion when we are still involved in the restructuring process; therefore, is it a viable option?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: The credit unions have their own savings protection scheme, which would also have been effective.

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: I have full confidence in the credit union movement. It is extraordinarily important and I am sure members of the ReBo will come before the committee closer to the date. What will be done with that part of the €250 million that is not used? Will it be returned to the Exchequer?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: With regard to the resolution fund, there is a requirement on the credit unions and other financial institutions to make a contribution. Have these contributions been made?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: Mr. McCarthy referred to a levy on the credit union of €5 million or €7 million. Is this figure levied each year?

Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)

Joe Costello: The other levies on the pillar banks have not yet commenced.