Results 1,421-1,440 of 26,392 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: If we look at what is being reported now in a number of publications in terms of what the whistleblowers have said and what the UK has outlined, I think it is a whole new complaint.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: Perhaps the Central Bank would come back to us on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: No, that was back then.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: As I said, they are looking at an inquiry now. They mentioned the UK, the accounts in Northern Ireland and the southern Irish accounts. I would like to get an update on it because it would appear that there is a difference in what happened before and what is going on now.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: On many occasions, I have raised the issue of tied agents and AIB. I also want to raise that in the context of the Belfry investments. We had a meeting where evidence was given in relation to Belfry. It was held in private session and a whistleblower was involved. We decided to pursue the matter after we had heard the detail on the Belfry investments, including how many there actually...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: Ms Rowland said she will come back to us on the EBS issue. What is the Central Bank's role in that? There is potential exposure there for EBS in respect of the tied agents. Does the bank have to report it to the Central Bank? Can the Central Bank ask questions of the bank regarding why it has taken 12 and a half years? Yes, the Central Bank can come back to the committee with the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: That is fine. There was litigation involved but mediation was also put in place. Now, instead of that mediation bringing closure to it for the EBS tied agents, it seems to have stalled. Depending on which side you speak to, you get a different view on that mediation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: I will wait for the Central Bank to come back to committee, but surely to God, the regulator has some sight of what is going on here. I ask it to bring us up to date with what is actually going on.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: It has not gone away and it is getting worse.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: What about the Belfry investments then?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: However, of course, not all of the Belfry investments have been covered. There are various schemes, including Belfry 1, 2, 3, 4 and 5. My understanding is that the bank has not covered all of the investments. I want to know what the Central Bank can do about that. Was it not surprised, now that we know that it had that sort of insight into the issue, that there were no documents? The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: In quite a large number of cases-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: Is it not shocking when a bank-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: I cannot believe you are saying that. Documents are meant to be retained, particularly by a big bank like that. My understanding is that it claimed there was no documentation for a vast number of these cases, particularly a document that would refer to the compatibility of this particular product for the individual it was dealing with, yet the whistleblower had all the documents. I just...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: I am concerned about the balance of the Belfry investors and how they will be dealt with. I am concerned about the EBS. Ms Rowland can come back to us on both of those.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: Lack of paperwork.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: Yes, in terms of whether the person making the investment was fully informed, the investment was compatible with his finances and was given the knowledge around the investment itself.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: We will await your update.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: I refer to the sale of loans to vulture funds. In the case of the sale of a loan to a vulture fund, all of the paperwork and commitments regarding it goes to the vulture fund. If there is a decision in court that legal fees should be paid by the bank that sold the product, is it the bank or the vulture fund who pays? I presume it is the bank. The evidence I have is that in a number of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Issues: Central Bank (20 Sep 2023)

John McGuinness: The court decided this. The original bank-----