Results 13,341-13,360 of 26,037 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: Two of the four are main lenders. I have another quick question. An issue has arisen regarding how to define the group impacted by trackers. We are dealing with many people who have contacted us. How did the Central Bank break down the 33,700? Did it break the figure down into cohorts of people who were originally on a tracker mortgage and came off that mortgage and were put on fixed...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: Let us say somebody had gone to a bank and had been offered a tracker, because in many cases the variable rates were very low. The person received an agreement that did not mention it was a tracker agreement. Does caveat emptoror buyer beware apply there? If there is no mention of a tracker in the agreement even though the person might have been under the impression when meeting the bank...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: If someone believes that he or she does not fall within the scope of this, would that person have recourse to the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: Is it correct to say that the ombudsman has given a number of cases to the Central Bank as part of the investigation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: The Central Bank did not take up the specific cases over which the ombudsman would have given it sight. If he spotted a case that clearly fell within the examination's remit, the Central Bank would obviously take it up.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: My next point is slightly unrelated. An issue that has become a feature, particularly in the past six months, is the level of concentration of property within the control of vulture funds or whatever one wants to call them. I can only speak from my experience in Limerick. If property comes up for sale in a large block of apartments or the like, in most cases it will be under the control of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: Control rather than ownership. The loans are held-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: Ultimately, control of the direction of the properties in question is held by the vulture funds.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: It was not particularly a feature up until now. Even though the vulture funds controlled the property, the property was at a relatively depressed price. In the meantime, many of the loans have been sold on by NAMA and are controlled by vulture funds. In some cases, receivers are being appointed, which means that the properties in question will be sold to realise the assets' value. If...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: No.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: I would not-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: I accept that, but perhaps the Governor will take my observations on board and build them into the Central Bank's analysis of the system in Ireland. I am encountering this on the ground. Funds control a significant number of properties that are either for sale or about to come up for sale. It is becoming a feature.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Central Bank of Ireland (18 Jan 2018)

Kieran O'Donnell: I thank Professor Lane.

Seanad: Order of Business (17 Jan 2018)

Kieran O'Donnell: Like my colleagues, I wish everyone well in the new year. I also join everyone else in congratulating the Leader, Senator Buttimer, on his recent marriage and in wishing him well. I want to raise a specific issue. There have been quite a number of debates on health. I wish to refer to the city where I reside, Limerick. People speak about issues relating to management and systems. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Kieran O'Donnell: I welcome the Minister and his colleagues. In the context of when the banks came before him - perhaps this has been reported, why is Ulster Bank so far behind the line? KBC is a much smaller institution. Why is Ulster Bank so far behind the line in terms of the timeframe and dealing with the tracker mortgage issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Kieran O'Donnell: My main reason for making that observation is that, with the exception of KBC, the other institutions appear to be trying to rectify the matter much more quickly than Ulster Bank. Ulster Bank appears to be a long way behind. Regardless of whether someone is a customer of Ulster Bank, AIB, Bank of Ireland or any of the other institutions, he or she should not have to wait so long....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Kieran O'Donnell: As such, will these directors be there purely on the basis of the State holding shares in the respective institutions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Kieran O'Donnell: Will their role differ from that of public interest directors?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Discussion (16 Jan 2018)

Kieran O'Donnell: The Minister made a very interesting observation on the interest charged by the banks. He made reference to non-performing loans. It is a new observation in our dealings with the banks. I have two questions. When the banks reach the point at which they have dealt with the non-performing loans, how much difference will that make to the interest they charge relative to European norms?...