Results 14,181-14,200 of 36,763 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: The law was changed in 2015 to allow the bank to use 100% of its deferred tax assets. If those assets were used up, what would have been the tax liability of the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Is the period less than 20 years?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: AIB operates is Britain. There is a bank levy in Britain.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: It is calculated differently but there is a bank levy in Britain. In Britain, there is a higher rate of corporation tax applied to financial institutions than to businesses because the authorities recognised the damage the financial institutions did to the wider economy. They are treated differently and more harshly in terms of corporation tax. The deferred tax assets cannot be carried...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: There is a levy there but banks have a higher rate of corporation tax than any other businesses. The authorities do not allow deferred tax assets to be carried forward. Almost uniquely, Ireland is one of the countries in the world that allows deferred tax assets to be carried forward forever at a rate of 100%. I acknowledge Ms Helen Dooley did not write the law, which was passed with the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I am sure Ms Dooley has read the report commissioned by the Department of Finance. It stated that if we changed the law, to reflect a rate of 50% again, we would still be better off within a period of less than two years in terms of the amount of money we would get in tax, even accounting for a potential drop in the valuation of the shares the State holds within the banks. We are losing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I appreciate that. I was not making a point; I really wanted to know the answer to the question. AIB had 583 properties in its possession at the end of last year and 45 buy-to-let properties on top of that. How many of them are vacant?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: What is the majority?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Have all the houses been offered to the Housing Agency?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Fixed-asset receivers were mentioned in the opening statement. The bank appoints fixed-asset receivers. I questioned Permanent TSB representatives on this and they said they do not appoint fixed-asset receivers. They appoint rent receivers. Can the delegates give the rationale for AIB's approach? Can they tell us whether the 519 assigned to receivers at the end of 2019 are likely to be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: If a buy-to-let customer is in arrears, which would mean a breach of contract, does the bank have the power to appoint a fixed-asset receiver without any further intervention? I realise this is not what the bank does. Mr. O'Keeffe has explained it works with those concerned and all the rest of it but it has the authority at that point to appoint a fixed-asset receiver because, technically,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: With regard to the bank's sale of buy-to-let properties to vulture funds — up until the past two weeks, the bank was not selling private dwelling homes to them — the individuals concerned are in arrears of some magnitude. How concerned would the bank be if a vulture fund to which it sold loans, on the basis that an individual was in arrears, decided to execute its right to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I am speaking about people who are making payments. There may be people who are not paying the bank any money and are not engaging. In regard to individuals who are making contributions to the bank, how concerned would the bank be if a vulture fund, as a policy option, offered a person in arrears 30 days to clear those arrears and where the arrears were not cleared the fund appointed a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: The Central Bank is engaging with a vulture fund on the basis of information that I have provided it with in relation to what I am speaking about. The problem is that once the banks offload their loans to the vulture funds, the banks have no idea what way the vulture funds are going to treat customers that were loyal to the banks for many years. The reality is these vulture funds have the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I have done so. Leaving aside the recent sale, AIB has not sold principal dwelling homes, PDHs, which is an important point for many of us. We recognise AIB's engagement with iCare in terms of mortgage-to-rent. In some areas, AIB has broken new ground but there are issues in terms of its sales to vulture funds which will take a different approach to the approach taken by the bank. When...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I accept that Mr. O'Keeffe cannot disclose details or name organisations with which the bank may be involved but as a point of principle, is the bank willing to genuinely consider the proposal?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: In regard to the sale of loans to vultures, are all customer files transferred? For example, were my loan to be sold to a vulture fund, would my entire history be provided or would it get only headline data?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Reference was made to those who do not pay. There are people who cannot pay, people who cannot pay the full amount and people who do not pay. How many AIB borrowers are refusing to pay?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Leaving aside the rationale, how many individuals are not paying? For example, how many have made no payment for the last six months?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: We always tell people to engage and to make whatever payments they can afford to institutions. Understandably, when a bank is attempting to take legal possession, there is an incentive for people not to pay at that time. Leaving aside the people that the banks are taking through the courts, how many AIB customers have refused to make any payment over the last six months?