Results 13,681-13,700 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: I accept that. My general point is that taxpayers' money-----

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

Kieran O'Donnell: Prudential.

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

Kieran O'Donnell: Can the Central Bank deal with both mandates?

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

Kieran O'Donnell: Can it do so effectively?

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

Kieran O'Donnell: Why?

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

Kieran O'Donnell: May I make a point? Nearly a year ago, nine of the 11 phase two submissions were in. 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: What was the Central Bank doing with those nine reports for the past nearly 11 months? Why did it not carry out the on-site inspections of the nine banks in that period? When we read the Central Bank's up-to-date report, we got the impression that the submissions deadline was September of this year.

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

Kieran O'Donnell: We now find nine of them were submitted last December. Since the Central Bank received nine of the 11 reports ten months ago, why have only 25% of the 13,000 trackers been subject to redress and compensation schemes?

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

Kieran O'Donnell: When was the first of those redress or compensation payments made?

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 a number of very brief questions. To clarify, of the 11 institutions, how many is the Central Bank satisfied with at this stage in respect of the redress and compensation proposals put forward?

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

Kieran O'Donnell: That is fine.

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

Kieran O'Donnell: That makes six.

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

Kieran O'Donnell: That is outside the two that are under-----

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

Kieran O'Donnell: Regarding the substance of what is being offered in terms of money, redress and compensation, can the Central Bank say it is either satisfied or not in disagreement with the proposals being put forward by the various institutions?

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 point I am making is that, as of now, there is no reason for the schemes proposed by the banks not to be in operation or for payments not to start to be paid before the end of the year.

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 one final question. Professor Lane spoke about 719,000 mortgages being in the original scope for tracker mortgages and said the Central Bank zeroed in on 112,000. What are those 112,000 cases?

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 that 13,000 is approximately 12% of that figure, which seems a very low proportion?

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 it is very low?

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

Kieran O'Donnell: There was an explosion of trackers in the 2000s, many of which would still have been live in 2008 and 2009. Does one in eight trackers being affected not strike Professor Lane as a very low proportion? Is 13,000 not a low figure? Is it not the case that substantially more will be impacted?

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 did not say that.