Results 14,501-14,520 of 26,043 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: That is with any of the banks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Is it regardless of whether the State has an investment in them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: That would be a body such as Certus.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Certus might be managing home loans for Cerberus or the like. If there was an issue where somebody had a query about a rate in AIB, Bank of Ireland or Ulster Bank - I have probably left some of the banks out - you can pick up the telephone and ring the bank. What powers do you have at that point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: If there is a query over the interest rate they are charging, what can be done?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: I just want to deal with AIB or the normal banks, including the Bank of Ireland and Ulster Bank. What can the Central Bank do on the interest rate there?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: No, I do not mean that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: The Central Bank can go directly to the lender.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Whereas, in terms of vulture funds, the Central Bank is required to go to the administrator of the loan as distinct from the lender. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Why is that the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: They take their policy and direction from the lender.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: What needs to be done? Is it fair to say therefore that if I am a mortgage holder with one of the normal institutions here and my loan is sold on to a vulture fund, the Central Bank can deal directly with the lender where it is the normal lender, but in terms of a vulture fund purchasing it, the Central Bank cannot deal directly with the lender? Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Do Mr. Sheridan and Mr. Sibley regard that as a weakness?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: From the advice he has taken, does Mr. Sibley believe it is possible through regulation or legislation, where loans are sold on to a vulture fund, to allow the Central Bank to deal with the owner of the loan?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Does the Central Bank have any supervisory role?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Okay. If there is a difficulty with a particular property, I go to the landlord rather than the letting agency. Has the Central Bank put anything to the Department of Finance as to how this measure could be amended? From my perspective, there is a weakness if effectively there is a line of defence for the vulture fund from dealing with a mortgage holder and dealing with the mortgage...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: I suspect they are paid on commission. They are not being paid on how the loan is performing directly, they are effectively being paid for going out and collecting. They are basically collection agencies for the primary lender.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Let me put a direct question. Would the Cental Bank like to see legislation in place to allow it to be able to follow the loan when loans are sold on to vulture funds, and to be able to deal directly with the lender as distinct from the agent?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: The Central Bank has no teeth at the moment for following vulture funds.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Central Bank (Variable Rate Mortgages) Bill 2016: Central Bank of Ireland (8 Dec 2016)

Kieran O'Donnell: Could a way around this be to ensure that anyone who purchases a loan is required to operate as an entity in the jurisdiction in which they purchased the loan? For instance, if it is a large company like Cerberus, which comes to mind, instead of giving it out to an agent to manage it, they would be required to manage it themselves within the jurisdiction and thereby be subject to the...