Results 12,401-12,420 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: While I accept that the responsibility for the micro-management of this rest with the banks, the overall framework for monitoring it is the responsibility of the Central Bank. That is what is going to be put to you this afternoon, Professor Honohan, by questioner after questioner.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: Deputy Mathews, you will have to wait your turn.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: I call the meeting to order. Deputy Fleming should not be abusing the Chair about the time he has been afforded. I call Deputy O'Donnell.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: The Deputy's time is up.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: The Deputy's time is finished.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: How will the Central Bank ensure this will happen? Is it setting targets in the area and putting in place monitoring processes?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: The banks have not stepped up to the plate on their own. Late last year Professor Honohan's colleague, Fiona Muldoon, was quite emphatic about this. She stated the banks were still very much in a state of denial and hooked on a position that property prices would recover, or were foreclosing at a rate not at the bank's valuation. We are now in an entirely different place. The insolvency...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: Is the Central Bank convinced?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: Professor Honohan should have brought her with him this afternoon.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: After speaking to the Governor of the Central Bank I still do not know what I can tell the two people if they call back to me.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: Without being too prescriptive, three categories of people are in mortgage arrears at present. There are those in temporary mortgage arrears because they have lost a job but will return to a scheduled repayment structure if they return to work in the coming months; there are those who need a level of forbearance for a longer time because their difficulties are greater; and there are also...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: I will run out of time and I do not want the other members to use their time to ask the same questions as those I am asking. Following the introduction of the insolvency legislation has the Central Bank established monitoring protocols? Does Professor Honohan believe the Central Bank's monitoring protocols must change? Fiona Muldoon-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: They have not been delivering the product.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: According to Fiona Muldoon the targets are not being reached. Insolvency legislation has been introduced which should create a carrot and a stick for the banks. Does Professor Honohan believe the Central Bank must increase its monitoring and change its engagement methods with the banks to ensure those people in God damn awful situations are not in worse situations in six months time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: On behalf of the committee I request Professor Honohan to furnish us with a report on the target figure at the end of the first quarter of 2013. If Professor Honohan is telling us this afternoon the Central Bank has not set targets I find it disappointing, but the committee would like to know by the end of the first quarter what level of resolution has been met in light of the insolvency...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: I thank Professor Honohan. Given there is a fairly packed committee this afternoon, I would propose that we take the first round of questions in batches of ten minutes if that is agreeable and depending on how that is proceeding, in five to six minute batches thereafter. Before I call on the first speaker, in light of Professor Honohan's comments on the Personal Insolvency Act 2012, his...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: On Saturday morning last I had two constituents in my office who now are aware that the insolvency legislation has passed. Both of them bought apartments approximately five or six years ago for in the region of €300,000 that are probably, at best, worth €125,000. They have not been able to service the mortgages on those premises because they have lost their jobs and because of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (16 Jan 2013)

Ciarán Lynch: I welcome Professor Patrick Honohan, Governor of the Central Bank of Ireland. Professor Honohan will make some opening remarks to be followed by a question and answer session I remind members, witnesses and those in the Gallery that all mobile phones must be switched off. By virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of...

Written Answers — Department of Finance: VAT Rates (16 Jan 2013)

Ciarán Lynch: To ask the Minister for Finance if, in view of the constraints imposed by the requirements of EU VAT law, he will consider the introduction of a scheme to refund VAT collected on a defibrillator purchased by a sports club or charitable body in view of the public benefit accruing from their being widely available; and if he will make a statement on the matter. [1624/13]

Written Answers — Department of Education and Skills: Schools Building Projects (16 Jan 2013)

Ciarán Lynch: To ask the Minister for Education and Skills his plans under the school building programme to provide additional infant and junior infant classes at a school (details supplied) in County Cork; if he will confirm that the school has applied for extra accommodation; and if he will make a statement on the matter. [1747/13]