Results 13,201-13,220 of 26,208 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): 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.

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: It is there nevertheless.

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: Let us suppose the bank has an SME that did not get into investment properties or whatever. Let us suppose the core business is under pressure but there is no property side to the business or the business did not take on debt. Are such businesses excluded from any portfolio sale?

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: Can Mr. O'Keeffe give a commitment on family homes before the committee today?

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: A total of €2.4 billion of the €6.3 billion comprises family homes. 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: This is the point I am getting at. Does the bank expect that if it goes for any portfolio sale, it will get to the 5% norm?

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 fair to say that if €2.4 billion of the €6.3 billion figure is made up of family homes, and they will not form part of any portfolio sale, then the likelihood is that the balance is a little under €4 billion? I have calculated €6.3 billion less €2.4 billion. Are my figures correct? Is that the correct analysis?

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: Will the €3.9 billion remaining form part of a portfolio sale?

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: We need to distil it in figures. We have €6.3 billion in non-performing loans at the moment. At total of €2.4 billion is made up of home loans.

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 remaining balance is €3.9 billion.

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: That is what I want to focus on.

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 much of that debt does Mr. O'Keeffe expect to be restructured?

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 period envisaged runs to the end of 2019. Is it possible that there will be no portfolio sale on that basis?

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: A figure of €3.75 billion is being reported in newspapers. Is that is wide of the mark?

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. O'Keeffe made reference to 2019. Can I take it from what he said that he expects no formal portfolio sale prior to the end of 2019?