Results 13,861-13,880 of 26,228 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 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.

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?