Results 14,481-14,500 of 36,763 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: I have the comments Professor Lane made in this morning's newspapers. I was not surprised by them, although I was disappointed with the view expressed. We have discussed it previously and we will discuss it again next week when the Bill goes through pre-legislative scrutiny. There is a bit of a trend here on the part of the Central Bank of Ireland, the European Central Bank and the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: That is fair. I do not dispute that one bit. We are on the same page on that point. Professor Lane and I know, however, that certain vulture funds do not offer the types of arrangements that others do. From the perspective of "Mary" or "John" sitting out there, the idea that the banks and vulture funds are regulated the same does not make a blind bit of difference if they are not able to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: Professor Lane is talking about the CCMA. The CCMA does not require any-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: -----bank or vulture fund to offer any type of solution.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: It is just procedural stuff. While there is no evidence of the vulture funds breaching the CCMA, the reality is that they take a very intolerant approach to a certain number of customers. If one speaks to debt advocates, they will make this point very clear. If we want to focus on the CCMA, my view is that it is a red herring when we are dealing with this issue. That is because the CCMA...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: That is fine. I have read Professor Lane's report. One of the key findings is that it is very early to reach a conclusion in respect of the funds. Only a small amount had been transferred when the Central Bank carried out its review. We are now seeing that a huge amount has been transferred or is in the course of being transferred. We also know the CCMA set a timeframe. When we look at...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: I appreciate that. AIB has presented the sale as commercial property and it is has made a virtue of the fact it does not sell private homes to vulture funds. Thousands of letters will be going in the post in the next two to three weeks, as up to 7,000 or 8,000 people will receive letters to tell them loans are being transferred to Cerberus, which is a vulture fund. In the middle of that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: Is the bank aware of whether the sale of these loans, secured on the homes in which families live, are examples where the borrower is meeting the terms of their arrangements?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: With respect to Brexit, Deputy McGrath referenced the ESRI report earlier indicating that with a disorderly Brexit, over a period of nearly a decade there would be a nearly 5% reduction in output. That is shocking everybody because it is making more real the possibility of that outcome. The Central Bank of Ireland's assessment is much more stark. It is that it would not take ten years to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: While I understand certain investigations are ongoing, I have been a strong advocate for individual accountability. With Professor Lane exiting his position in the next few weeks, is there anything the committee or the Oireachtas should do to ensure, if there was to be another scandal like the tracker mortgage or banking crash, individuals would be held to account in a clearer way and beyond...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: We have been waiting a long time for actions to follow from the Central Bank's recommendations. Is it a year and a half or nearly two years since the LRC submission?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: It speaks volumes about what is being prioritised. The Central Bank liaises with the Minister about regulatory or legal changes which are needed. It would also be appropriate to inform the committee if the Central Bank believes there are areas which need strengthening. On the topic of Brexit, Senator O'Donnell asked about the sanctioning of Barclays Bank and the Bank of America, which...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: How many significant firms are looking for new authorisations from the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: They were authorised, yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: I appreciate that. Those companies are doing that so they can continue to operate in the EU.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: As to the impact of Brexit, I am trying to get a sense of whether firms are deciding to leave London, or Britain, and locate here and have Ireland as their European headquarters, as opposed to just rearranging their structures.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: I appreciate that and that is welcome but perhaps I am not framing my question clearly. How many applications are before the Central Bank for firms which were previously located or headquartered in Britain, whether indigenous to Britain or acting as a European headquarters, and are now applying to operate a European base from Ireland? Has the Central Bank a sense of that? There was an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: I am dealing with a number of people who are deeply frustrated at the sale of Permanent TSB loans to Glenbeigh Securities. They are involved in restructuring arrangements and want to repay their mortgages in full when they come out of arrears, but Permanent TSB will not allow them to do so. That is mind-boggling. It does not make sense to me that it is telling them that they have to wait...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank of Ireland: Discussion (26 Mar 2019)

Pearse Doherty: I will ask the individual. Emails have been sent backwards and forwards which show that they are being prevented from doing this.