Results 12,821-12,840 of 26,042 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: Professor Lane believes there is an affordability crisis.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: How should it be addressed?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: There is a material risk of a reversal in house prices.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: Affordability is a significant issue. What needs to be done to ensure houses are affordable for first-time buyers and ordinary people?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: What is Professor Lane's view? As the Governor of the Central Bank, he is the guardian of the economy and I want him to outline his professional opinion on the policies and measures required to ensure my children and other young people can afford to purchase a home.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: I have a few brief questions. To follow up on the regulation of both the service agents in the country and the funds, from my perspective, the name "funds" is a bit of a misnomer for many of these funds. They borrow from funds in American and they then invest in the Irish market. They are not funds; they are basically loan sharks, which are 100% geared. They come into the Irish market....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: I would say that is quite recent.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: When did the Central Bank start the on-site regulation?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: February. They are here for a lot longer than that, with due respect to the Governor.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: It is a question of stability in the property market.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: How?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: Do they have too much control over the property market at present? As for their control over the rental market, it initially was assumed the funds would just be asset disposal agencies. What happened is that they came in suddenly, bought property and loans for half nothing and suddenly realised they were sitting on a goldmine. They are holding on to the property. I see too much of this on...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: Does the Governor accept that many of these bodies are nothing more than highly geared institutions that are borrowing from funds themselves? They are operating with borrowings themselves. They are not funds; they are highly geared.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: Can I get a commitment that the Central Bank will seek to ensure that the service providers will stop making returns in terms of the restructurings put in place? I would have believed the legislation was in place to allow the Central Bank to make that request.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: I contend that, up to now, the Central Bank was not using the full powers at its disposal to regulate these service providers. I am glad the Central Bank is doing this now. I very much look forward to receiving the information it can bring back.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: I will move on. The Governor referred to market price reversal and a material risk that there could be a fall in property prices over the next two or three years. What price increases or decreases are built into the Central Bank's economic projections for the next two or three years? What is the percentage?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: Is that a 15% increase?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: How does the Governor reconcile that with the fact that, over the previous 12 months, we have seen double-digit growth in the price of houses, in the order of 11% or 12%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: I have two questions on that. Does the Governor believe there are early signs that the housing market is overheating? By how much would property prices have to increase before the Governor would be concerned that the property market is overheating and that we are moving into territory that might see a reversal in the price of houses?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank of Ireland (10 May 2018)
Kieran O'Donnell: No. The Governor has said the rate of increase in the price of houses over the next three years will be 5% per annum. At what rate would the Governor be concerned that the property market is overheating? Are we seeing early signs of that as we speak?