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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Kieran O'Donnell: Some are state owned.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Kieran O'Donnell: In terms of rents and so forth, does the CCPC have concerns about funds' level of ownership of the rental property market, particularly in Dublin? Is this issue appearing on the CCPC's radar?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Kieran O'Donnell: I refer to he level of ownership that many of the larger funds - dare I say it, vulture funds - have of the private rental market, particularly in Dublin. Has it appeared on the CCPC's radar?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Kieran O'Donnell: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: I want to commend Father McVerry on the great work he has done. Can I get slightly technical and go through the Bill itself and how it would work in practice? I want in particular to look at Part V with regard to the National Housing Co-operative Society. Would it be fair to say that model B will be the default position in most cases and that model A would probably never work? This is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: By the mortgage owner, which will effectively be the co-op itself. How long will it take for A, B and C to function? Is the likelihood that the situation will automatically end up going to model B at a minimum and in some cases to model C? If the co-op ends up buying the house as distinct from the loan, the people in the house then become the tenants. Would the witnesses envisage putting...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: With due respect, I beg to differ with Mr. Honohan. For most people their home is their home, whether it is rented, owned by a local authority, owned by a co-op, or privately owned. There is a deep attachment to the home. That is the level of detail that-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: I know that a lot of current cases operate under A.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: Perhaps the witness might enlighten us.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: Does the funding of this model stand up?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: Is there any precedent elsewhere of the European Investment Fund providing a guarantee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: What is the adjustment required?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: Has the European Investment Fund given guarantees to housing co-operatives to date?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: Which banks are we talking about?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Kieran O'Donnell: Could I ask a question?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Kieran O'Donnell: I commend the Minister of State and his officials on their work to date. A liquidator for Setanta is based in Malta but Deloitte is actually acting on his behalf in Ireland. I suggest we bring the liquidator before the committee to find out exactly where he is at on the liquidation of Setanta and paying out premiums. It might be a worthwhile endeavour. It is just a suggestion but what we...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Kieran O'Donnell: Why might it not be possible?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Kieran O'Donnell: When liquidators were appointed to the Quinn Group, they were brought before the finance committee. It is a component around which there is lack of clarity. We have the Insurance Compensation Fund and we know that is 65%. It is a proposal and it is worth looking at.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Kieran O'Donnell: The Setanta judgment in the Supreme Court should bring about a reduction in premiums. As the regulator, does the Central Bank have the power to request motor insurance companies to provide details of the breakdown of premiums, in particular the element of the premium which could bring a discount in relation to the uncertainty arising on foot of Setanta?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Motor Insurance Costs: Minister of State at the Department of Finance (1 Jun 2017)

Kieran O'Donnell: They are basically saying the premium will come down because we now have clarity around the Setanta judgment. By definition, there must have been a form of loading on premiums on foot of the uncertainty surrounding the Setanta judgment.

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