Results 13,021-13,040 of 26,042 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Kieran O'Donnell: This means Permanent TSB is coming very late to the table. Reading the statement submitted by AIB, which we will discuss in detail with its representatives later, it appears the bank interpreted the rules in such a way that it deemed split loans to be performing and made that case to the SSM. AIB interpreted the rules in a certain manner. Did Permanent TSB make the same case as AIB on...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Kieran O'Donnell: Permanent TSB has made the case to the SSM that split mortgages should be deemed to be performing. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Kieran O'Donnell: At the same time, the bank has included split mortgages in the bundle it proposes to sell. We require urgent clarity on this matter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Kieran O'Donnell: Why would Permanent TSB sell the loans if there is a possibility that it will book a loss?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: Before looking at the substantive issue, how many people in AIB are included in the proposed share bonus scheme?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: My understanding of the scheme is that effectively, those involved get shares as bonuses. In what way does the scheme actually work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: The shares one would get would be determined by the performance of the bank. The shares would only be granted in years to come. My understanding is that there would be a stipulation that it would not arise until the taxpayers' money had been repaid. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: The tax would not crystallise until such a time as the shares come into being. How would the tax situation work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: In five years' time-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: Is it a capital gain or an income gain?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: What is the total number of people working in AIB at the moment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: How is AIB justifying the fact that it has, say, up to 10,000 ordinary people working in the bank yet it is giving bonus schemes of up to 100% of salaries per annum, roughly, which could arise between now and, for argument's sake, five years' time? How does AIB justify that, considering that the taxpayer still has €21 billion invested in AIB that could be used for a lot of other...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: The ordinary person looking in will say that top bankers are very well paid as it is. If the taxpayer had not come through and put what is now nearly €21 billion into AIB, AIB would not have survived.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: Yet here we are giving bonuses to top management to get a return for the money that we as the ordinary taxpayers have put into AIB. It is based around profitability and the return of capital. The ordinary person is going to look back and ask whether anything has changed. People are going to question that. Mr. Bourke does not particularly wish to speak about Redwood but we have many SMEs,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: While that is fine, I note AIB has 10,000 staff. Is it looking to increase the wages for the ordinary staff? Are there bonuses in place for ordinary staff?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: Mr. Bourke is telling me about getting profitability and whatever. I am asking why the remuneration committee made such a move, knowing there would be enormous public backlash. It is because some members of top management had threatened to leave? What is the reason? I am finding it difficult to understand. Why was it necessary to put bonuses in place which effectively only crystallise...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: Normalisation for providing big bonuses to bankers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: I understand that. However, I just had a quick look at the figures. Mr. Bourke made two references to figures which I will tie in. He said impaired loans have been reduced from €28.9 billion to €6.3 billion. I am assuming AIB has a rate of non-performing loans of about 9% or 10%. Is that roughly correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: Mr. Bourke said that under AIB's commitment to achieving new norms, it wants to bring the figure down to circa 5%, or €3 billion to €4 billion. That tells me that AIB is looking to sell somewhere between €2.3 billion and €3.3 billion of loans through this proposal. We can argue the toss and AIB is saying they are different. The figure of €3.75 billion is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Kieran O'Donnell: With due respect, Mr. O'Keeffe speaks about getting down to the average EU norm of 5%. One does not have to be a rocket scientist to realise that the bank is lining up some portfolio sales.