Results 13,221-13,240 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: How long will that process take?

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: At the end of the day, we are here as public representatives. The State effectively owns AIB. We have to ask these questions. In one breath Mr. O'Keeffe is telling me that €3.9 billion may be what we are looking at. The bank has given a commitment, which is welcome, that the €2.4 billion made up of home mortgages will not be included. There is a balance remaining of...

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 are here to talk about portfolio sales to vulture funds. We need to get some indication as to when AIB will make a decision around this area. We accept at face value that the bank said it will work with the holders of loans. Is it imminent? Is it by the end of 2018 or by the end of 2019? There are mixed messages coming out. Side-by-side with these messages, there is a report saying...

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 not good enough. That is too late. We had Permanent TSB before the committee. While we may not have been happy with what we were being told, it was fairly open about this matter. Today, we quoted the example of split mortgages being included as performing loans. We cannot be taken as fools. We are reading stuff in the newspapers but the bank is telling us to see no evil, hear no...

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: Does Mr. O'Keeffe believe the bonuses the bank is putting forward for top management are justifiable?

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: No, we did not.

Joint Oireachtas Committee on Social Protection: EU Employment Legislation and JobPath: Discussion (8 Mar 2018)

Kieran O'Donnell: I know Mr. Lynch from the JobPath scheme in Limerick and it is a good scheme but I wish to speak about unintended consequences. Community employment, CE, schemes traditionally got people on a repeat basis with new people coming on stream and coming off the live register, but they are finding it difficult to continue to have people from St. Vincent de Paul and other such organisations. Has...

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: Is the ICF in a deficit of €870 million?

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: Over how many years has that deficit been run up? What is the reason for that being so high?

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: What is the levy on the insurance companies?

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: Has that been in place since the PMPA days?

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.