Results 14,041-14,060 of 35,658 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: I am asking about the vehicle in which the bank will hold a 5% economic interest.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: I know that. I am trying to get to a point but Mr. Crowley is filibustering. Perhaps I could ask Mr. Ryan, who quoted from the prospectus. Does Mr. Ryan acknowledge that, in two separate sections of the prospectus, under the taxation heading and earlier, it is clearly stated that the SPV which the bank is setting up will be exempt from tax and will avoid the restrictions in relation to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: Mr. Ryan repeatedly talked about the prospectus with committee colleagues, including Deputy Michael McGrath. I have the prospectus and that is what is in it. Our guests will not admit something that is black and white because the public is outraged at what Permanent TSB has done. It is a double outrage that it is now offloading these mortgages to a vehicle from which the CEO of the bank...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: I am not making any insinuations. I asked the question which nobody so far, including Mr. Masding, has acknowledged.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: I thank Mr. Masding for answering that it will be tax free. This pisses a lot of people off. There are multi-billion euro investors and all of the profit made from this securitisation vehicle will be tax free. They are the ones who will benefit. We have a State-owned bank which is participating in this with the consent of the Minister. That is what is really annoying. It is in the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: Therefore, it is €890 million plus the note.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: It comes with 5%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: The bank will receive €890 million plus 5%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: That means one would have to deduct €45 million from that figure..

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: The loss to the bank is, therefore, greater than what we had seen.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: I understand that. However, the perception would be that the figure was greater than €890 million because there was to be a 5% shareholding on top of that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: The witnesses spoke of operating within the rules, doing so in good faith and so on. Did Permanent TSB apply the Central Bank of Ireland's code of practice on mortgage transfers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: Did Permanent TSB apply the Central Bank of Ireland's code of practice on mortgage transfers to this transfer? The bank was transferring more than 6,000 mortgages.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: Did Permanent TSB, as a State-owned bank, apply the Central Bank of Ireland's code of practice on the transfer of mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: Does the bank intend to apply the code of practice on the transfer of mortgages to the transfer.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: That is excellent. Mr. Crowley's answer is good news to everybody here. I will read the first line of the Central Bank code of practice on the transfer of mortgages. It states: "A loan secured by the mortgage of residential property may not be transferred without the written consent of the borrower." Will the bank apply that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: Mr. Crowley replied "Of course" when I asked if the bank was going to apply the code of conduct on the transfer of mortgages. The code, which has been in place since 1990, is clear. It is voluntary and it is up to the bank whether to apply it. Mr. Crowley has told this committee that he will apply it. The former Minister for Finance believes that every bank should apply it and,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: No, that is not what the code of practice says. I will go through it if Mr. Crowley wishes. It states:When seeking a consent and where there is to be or where there may be an arrangement under which the original lender will service the mortgage as an agent of any transferee, the lender will confirm that the transferee’s policy on the handling of arrears and in the setting of mortgage...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: Mr. Masding is the top guy. This is the code of practice on the transfer of mortgages. I will read Mr. Masding the first line again: "A loan secured by the mortgage of residential property may not be transferred without the written consent of the borrower." Permanent TSB is a State-owned institution. I acknowledge the code is voluntary and I will table legislation in the coming days to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)

Pearse Doherty: I apologise for interrupting but the code does not say anywhere that it is voluntary. It does not say it is statutory - that is all. I take it Mr. Masding was not familiar with the code.