Results 13,641-13,660 of 26,037 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: 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.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Then there would be no 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: Will that involve looking at the minutes of board meetings?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Does Professor Lane accept that he believes there will be a substantial number of impacted on tracker mortgages which the banks have yet to agree on or identify?
- 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 have been critical of the fact that the Central Bank has come to the table very late. It issued warning letters to the banks as far back as 2008 about how they had dealt with tracker mortgages. It issued notice letters and carried out various investigations with the Bank of Ireland and permanent tsb during the years. That is as it may be, but if this investigation had not been carried...
- 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 not fair to say the banks would have stated "See no evil; hear no evil; speak no evil"? This scandal would have gone into the annals and remained hidden for decades.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Kieran O'Donnell: Did the Central Bank ever look at doing it using a universal standard? Redress should be standard, because redress is basically putting people in the position they had been in. It should be cut and dried. It should be based on the rate they should have been on versus the rate they were on. It should be straightforward. Compensation is more arbitrary. Did the Central Bank not consider...