Results 1,241-1,260 of 7,777 for speaker:Joe Costello

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 Mr. Hession provide a note on the issue to avoid it delaying us for too long at this point? The operation of the system appears to be rather complex.

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 figure does not relate to the restructuring fund.

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: This is a levy on the industry.

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 message appears to be that while the credit unions are paying up, the banks are not paying up. Is that the case?

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: Have all the levy contributions been paid in full, as required by law?

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: Are there any subordinated bondholders in the credit union movement which may be seeking some return from the IBRC resolution? Is the credit union movement involved in any aspect of that process?

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: Are the credit unions on a par with the State?

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: In that case, if a pot of money becomes available and does not cover the combined liabilities owed to the State and credit unions, is there a mechanism in place for divvying out this pot between the credit union movement and State?

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: They are exactly equal.

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 Mr. McCarter able to give us an idea of the quantity of money owed to the 16 credit unions that are unsecured creditors?

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: Surely ReBo is entitled to receive information on the impairment of assets in the context of the restructuring of individual credit unions. One would want to know how much might be coming back on unsecured bonds.

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 welcome the witnesses here, including my old colleague, former Senator O'Toole. He is a member of the INTO and I have always been a member of the ASTI credit union. He has had great time for the credit union movement and what it has done throughout this country over the years. The board of the Irish League of Credit Unions is currently being restructured following the circumstances that...

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: Those are general statements, without going into the particulars or the details. The situation is very much better than what happened to some of the other financial institutions around the State. The banking institutions just went out the back door and put an incredible burden on the country in terms of what everybody has had to sacrifice over that period. To put this in context, this is...

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: Can Mr. Doyle put a figure 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: Has Mr. Doyle a figure up to the present time?

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: Out of the total of €250 million?

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: So, a quarter of a billion euro was made available and all that has been drawn down to date, since 2012, is €3.35 million?

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: Yes, but a lot of work has been done in restructuring and winding up.

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: Would it be fair to say that, if 50% has been done, an estimate would be approximately the same again?

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 know I will not get an answer to my question, but could Mr. McVeigh put a round figure of three times what has been spent already? In other words, €10 million would be sufficient if 50% has already been restructured and that has cost €3.35 million. Would Mr. McVeigh agree with me that it is unlikely that more than another €10 million will have to be spent? It is a...