Results 13,061-13,080 of 26,037 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: In essence, there is no fund but a large overdraft.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: Even when it is taken over by the Central Bank, it is not in a position to get returns on funds. This is purely about pulling back on the deficit that is there.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: If one were to pull that back and clear the €870 million, what would be required for the fund to operate efficiently in terms of being in surplus and of a levy on the insurance industry? What is happening here, in essence, is that a model is being established to clear an overdraft. I am taking it a little further and trying to put it into a space as to when a fund like that becomes...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: This is individual insurance companies which do not have proper reserves or whatever. It is nothing to do with the actual consumer. We have seen it in more recent times with Quinn and Setanta. The Central Bank is taking this over. If it is levying an extra 2%, is that another 25 on top? Am I correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: In essence, it is a 4% levy in total. Am I correct? It is 2% for the insurance company and 2% for - they are both the same.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: If it gets above €200 million in four or five years, there will be no levy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: I want to look at it in the round. There is a deficit of €870 million and 2% per annum indefinitely. The Motor Insurance Bureau of Ireland levy is 2% to deal with the 35% coming out of the Setanta judgment. If a company is licensed in Malta and operating in the Irish market, will it be levied with the 2% as it is and will it be levied with the new 2% from the MIBI?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: Did the Central Bank ever consider seeking a larger payment from the insurance companies? I understand why it is working with the model it is using, but how can it prevent insurance companies from passing this on to the end consumer? That is the problem.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: The €870 million is still underwritten by the State.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: Can the Central Bank say that if there are adequate reserves in a particular insurance company, there is no justifiable reason it should pass this 2% on? It is the sense of fairness. Someone looking in from the outside sees €870 million, which is not too far off €1 billion, in debt placed on the shoulders of hard-pressed people who are trying to cover rising insurance costs....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Insurance (Amendment) Bill 2017: Discussion (Resumed) (8 Mar 2018)

Kieran O'Donnell: Everything must be done to ensure the insurance industry does not exploit this particular 2% on the MIBI to increase premiums. Over the last year, I have met people involved in various areas who deal with insurance companies. They all predicted a year ago that profits for the insurance industry this year would be very high. The ball appears to always be in the hands of the insurance...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Kieran O'Donnell: Mr. Kissane has done the State some service on this issue, in particular, the day he brought the four witnesses before this committee. I think they represented a watershed moment in the tracker issue. Their stories were compelling and brought across the impact of this issue. I thank Mr. Kissane for the work he has done. His summary conclusion is that there are about 5,000 outstanding...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Kieran O'Donnell: So that leaves a balance of 1,200. Where does Mr. Kissane anticipate those 1,200 case are at?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Kieran O'Donnell: In respect of those 3,000 EBS customers, did that come up in the discussions when AIB appeared before the committee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Kieran O'Donnell: When Mr. Kissane is dealing with customers in respect of EBS and First Active, is he dealing with EBS and First Active as stand alone entities or he is dealing with Ulster Bank and AIB?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Kieran O'Donnell: If we look to bring EBS and First Active in, and we should take up the request from Mr. Kissane, who should we be looking to bring in? Is there a head of EBS? How do they work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Kieran O'Donnell: And First Active?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Kieran O'Donnell: Does Mr. Kissane believe that a large cohort of, dare I say it, the hidden trackers that have not come to the fore are probably within EBS and First Active?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Kieran O'Donnell: Chairman, I suggest that we write immediately to both EBS and First Active to invite its representatives to appear before the committee as a matter of urgency.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Mr. Padraic Kissane (8 Mar 2018)

Kieran O'Donnell: I thank Mr. Kissane for that. Why are the banks fighting this so hard? The amount of money involved in the overall scheme of things is not enormous from a bank's perspective, but it is of gigantic proportions for the individuals. People cannot sleep at night and they are getting old before their time. I have referred to this previously, but a lady rang me on 21 or 22 December last, just...