Results 13,661-13,680 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: Yet the Central Bank would have to approve any scheme the banks put forward. Such schemes have to get the approval of the Central Bank. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Kieran O'Donnell: If a bank comes up with a proposal and the amount being put forward for compensation is derisory, will the Central Bank tell that bank as much?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Kieran O'Donnell: Yet, there is a threshold below which the Central Bank will not allow it. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Kieran O'Donnell: Good.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Kieran O'Donnell: Let us go on to the appeal mechanism. That will be within each bank itself. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Kieran O'Donnell: Who sits on the appeals body?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Kieran O'Donnell: Who sits on it?

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 there be anyone from the bank itself sitting on that board?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Kieran O'Donnell: Such people will not be the majority. Is that correct?

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 two final questions. The Central Bank set a deadline for phase 2 for the banks to put in proposals. Yet it set no deadline for phase 3, which covers redress, or phase 4, which covers compensation. Why not?

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 that not a weakness in legislation and Central Bank policy?

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 that if someone-----

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 there any deadlines for redress?

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 are they?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Kieran O'Donnell: All we are looking for is a deadline.

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 be fair to say, then, that there will be schemes up and running by Christmas? Is it fair to say that by then we will have letters going out from the banks to people they believe not to be impacted? Moreover, the Central Bank will have a final report by the end of quarter 1, 2018 with the full number of impacted customers. Is that correct?

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 the Central Bank write to the committee as a matter of urgency with the additional legislative powers it requires? Chairman, I believe it is vital that, as we come nearer the end of the year, we should consider getting a further update from the Central Bank as to where we stand on trackers. I would like the banks to be sitting before the committee today. We really only have half...

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 ironic that the major banks that received serious funding, bar perhaps one, are in the middle of this tracker mortgage scandal.

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 majority of these 13,000 tracker mortgages are in the institutions that were covered and that were given taxpayers' money. Is that a fair comment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Kieran O'Donnell: Yes.