Results 14,401-14,420 of 36,763 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: I do not have the report in front of me, but from memory, one of the comments made about the report was that it is early days in terms of the vulture funds because the transfers only took place recently. Regardless of the CCMA, this creates a timing factor. Various steps have to be taken before the necessary legal proceedings.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: Since the report there has been a doubling of the number of family homes sold to vulture funds. We discussed this matter with the Central Bank last week. MABS, which is involved now, or the Irish Mortgage Holders Association or the Free Legal Advice Centre, are all telling us a very different story. Those organisations are saying that this is not good. In 75% of cases they say that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: My concern here is not just for the individuals whose loans are about to be sold off. The Central Bank report of last April discussed those in long-term arrears of more than 720 days. The Central Bank itself has said that more than 50% of those people are likely to lose ownership of their homes, through voluntary or non-voluntary repossession. That is a significant number of people, and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: May I ask a couple of questions to finish?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: I apologise because I had to take something in the Dáil Chamber for a few minutes but I will read the transcript of the portion of the meeting I missed. I particularly welcome the comments in the Central Bank's submission in appendix 3. It goes into the detail of some of the definitions and issues around enforcement and regulations, which is helpful as we continue to look at this...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: I am only one member of the committee, albeit the sponsor of the Bill. I have talked about the issues which the Bill was crafted not to impact and those need to be clarified, but if that was accepted, why would there then be a need for a wider impact study? I understand that if the intention of the Bill was to impact on securitisation, or ECB collateral, or different ways in which the banks...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: I asked a question earlier and I want to tease it out. If the special purpose vehicle that bought the 6,000 loans from Permanent TSB decided tomorrow morning to notify customers that it would increase the standard variable rates by 2.5%, what could the Central Bank do?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: The point is the banks have the power. The banks and the funds have the power.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: Has the Central Bank ever seen a standard variable rate mortgage that limited the ability of the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: This is the point. We talk about regulation and the code of conduct and so on. I accept that they are in place. I accept the two entities are regulated in exactly the same way, although special purpose vehicles might be exempt from the regulation but I will highlight the issue another way. Is AIB likely to put up my standard variable rate loan by 2.5%? Which organisation is most likely...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: I appreciate what Mr. Sibley is saying. We have a sale by a main bank in this State to a vulture fund. It involves buy-to-let mortgages that were in arrears. The bank could do the same thing in the morning. It could have done exactly the same thing but it has not done so. However, I understand the vulture fund is doing so. Contractually, the fund has the right to instruct the borrower...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: I am familiar with that and obviously a rent receiver in a place where a landlord is not passing on repayments is completely legitimate, but that is not the issue. This is nearly a strategic default. The idea is that the fund calls in all of the arrears within 30 days. That is next to impossible for someone who is trying to manage through an arrangement. These individuals are making...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: I asked Mr. Sibley earlier about the April report by the Central Bank. The report identified that more than 50% of those in long-term arrears of two years or more are likely to lose possession of their homes either through voluntary surrender or repossession. Does the Central Bank still hold to those figures?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: I have a final question for Mr. Sibley and two questions for the Department. Does Mr. Sibley believe that a loan that is performing and has not fallen into arrears should be allowed to be sold? Should there be protection for such a loan so that it cannot be sold on without consent? Such safeguards are already in place in Austria and Denmark.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: Mr. Tobin has received a written submission from the Attorney General stating that the Bill is unconstitutional. Is that right?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: There is a risk, which is fair enough. I see that as a fair comment. It is different from actually saying that the Attorney General is saying the Bill is unconstitutional, which is what some of the headlines have suggested. There is a risk. We all know what the Constitution says. Property rights are protected under the Constitution but the protection is also limited. The real question...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: When does Mr. Tobin believe it became obsolete?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: When the then Minister for Finance, Deputy Noonan, answered a parliamentary question asked by the current Minister for Finance, Deputy Donohoe, he said: "Notwithstanding its voluntary nature, I expect that best practice dictates that the code be applied by all institutions to all classes of residential property." Did the Department have a view on that matter? Usually responses to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: I have made Mr. Tobin aware of it now and, like my Bill, it is nice and short. At the time the then Minister for Finance, Deputy Noonan, was the majority shareholder in three of the banks. I will read the response again. It states: "Notwithstanding its voluntary nature, I expect that best practice dictates that the code be applied by all institutions to all classes of residential...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business of Joint Committee
No Consent, No Sale Bill 2019: Discussion (2 Apr 2019)

Pearse Doherty: Why did the Department sign off on it just seven years ago?