Results 13,641-13,660 of 26,043 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: It is critical that we get that breakdown. Based on all of the discussion on this issue, it appears as though the compensation amount is approximately 10% of the redress amount. Perhaps Professor Lane would deliberate on the issue with his colleagues while I am asking my other questions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Taking it in crude terms, the total is €120 million and there are 3,300 customers involved, which equates to approximately €36,500 per customer.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: I accept that. To put it in context, it is above the average industrial wage, which shows the magnitude of this particular rip-off by the banks. I would like to discuss a number of issues with Ms Rowland. There are 15 banks involved, all of which came back with proposals by 30 September. The Central Bank has deemed 11 of those banks to have been providers of tracker mortgages. Is that...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Am I correct also that the Central Bank has carried out on-site inspections of two of the 11 banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Are the two banks that have been inspected the same two banks with which the Central Bank is in dispute?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Was there a particular reason the Central Bank chose to inspect those two banks first?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: What is the status of the inspections of the other nine banks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Is it fair to say it is not the case that, of the 11, the Central Bank has a specific issue with two but rather that it just so happens it carried out inspections in those two?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Of the two, what percentage of additional cases were impacted on which the banks were not willing to accept? If it was 2,000 from the banks and the Central Bank reckoned it was 400, it is roughly 25%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: My question is about the two which were impacted on and which the banks do not accept. Were the numbers that were impacted on in the banks a significant proportion of the groups they accepted?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: The Central Bank has put it in the public domain that it anticipates that the figure could go from 13,000 to 20,000. Does it stand over that figure?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Professor Lane is willing to confirm that there will be a substantial number above the 20,000 that will be impacted on that the banks have not recognised as such to date.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Three banks have started to make payments and two have progressed to the end. They are not the two in respect of which the on-site inspection was carried out.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: They are not. What I am getting at is that I am more interested in knowing about the two banks which have started to make payments. Will the delegates accept redress and compensation schemes being put in place prior to the carrying out of an on-site inspection?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: The purpose of the inspections is to identify impacted on groups which the banks have not identified.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: How long will it take the Central Bank to conclude the on-site inspections of the nine of the 11 it has yet to carry out?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: I accept that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Professor Lane said 26 in-house staff were working on this issue. How many external advisers and staff are working on it? What is the total?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Would it not make more sense to do it all concurrently and try to have the compensation and redress schemes, plus the impacted on groups, dealt with by the end of the year? The Central Bank is looking at the groups the banks are unwilling to accept are impacted on and stating that it will take until the end of quarter-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: The only conclusive approach is for the Central Bank to go out and engage in on-site inspections.