Results 14,721-14,740 of 35,756 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: Obviously all of us want to ensure that does not happen. On what we can control or manage in that scenario, going back to insurance, for example, if the Central Bank has sight of companies located in Britain that are using freedom of service rules and can sell products into Ireland and the bank has a feeling it will not meet the end of March deadline or there is a risk that the service could...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: Has the Central Bank updated its forecast for the no-deal Brexit type of scenario where Britain crashes out of the European Union come next March and the impact in terms of jobs and economic growth?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: Is that because the model does not capture that volatility and speculation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: I wish to ask the witnesses about non-performing loans, NPLs, and the sale to vulture funds. We have been inundated with people phoning and emailing us to tell us that although they are not in arrears, the bank has turned its back on them and their family. Other mortgage accounts which had a small amount of arrears have also been sold. When we queried that with Permanent TSB, for example,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: Did Mr. Sibley say one year?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: That is the definition that is used across all of the banks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: When we are considering the percentage of NPLs, a number of them could be meeting their original contract agreements. Indeed, they could have been meeting them for nine months, but they would still be deemed as non-performing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: We discussed the culture of the banks and how to change it. For many people, including me, this sums up the banks' culture. People who made genuine efforts to catch up on their arrears six months ago may now be caught in this loophole and have had their loans deemed non-performing, and their banks have just tossed them over to a vulture. Do the witnesses not see the question of fairness in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: Restructured agreement.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: I know that there is consumer protection and that the legislation does not increase that protection in respect of the regulation of the owner, but that is not the core issue. If I borrow €100 from Professor Lane, I know that, because he is a nice guy, he might give me a couple of months longer than the original terms to come up with the money if I find myself in trouble. If I borrow...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: -----he is ruthless and will hike up the interest rates.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: Obviously, I am sure that he would really give me the interest holiday as well. The problem is that these vultures have no interest in the type of restructuring in which some of the main banks engage. Vultures have short-term interests whereas banks have a long-term interest. They want people's deposits, people's children's accounts, student accounts and so on. That is why we expect it to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: Is Mr. Sibley just referring to repossessions?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: I am asking about this because, whereas the banks would make arrangements, asset appreciation must be recognised as a factor. It makes sense for the vultures to sit back while the assets increase in value.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: I accept that, and we have continually made that point to individuals, but there is the other issue.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: I agree. It is Professor Lane's comment that it is not obvious which way it is going to go that is the problem. There is a huge risk. I have represented people who have had debt write-down.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: I thank Ms Rowland. Professor Lane made no reference in his presentation to an overheating in the economy or any risk of same. I am aware that none of the agencies, internally or externally, has said the economy is overheating but they have referenced a risk of this happening. When the Irish Fiscal Advisory Council appeared before the committee, it provided us with a report and a heat map,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: I welcome that additional work in this area will be published. My concern is in regard to the sharp increase in prices in commercial property. I note Professor Lane's point that they are not increasing at the same rate. I would like to discuss the issue of interest rates and mortgage interest rates. While I acknowledge that a number of lenders have been reducing their interest rates...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector: Quarterly Engagement with the Central Bank (4 Oct 2018)

Pearse Doherty: Professor Lane is aware that there is an ongoing review relating to bankers' pay that is looking at whether the cap of €500,000 is appropriate going into the future. Of course, Bank of Ireland has always breached the latter threshold. Has the Central Bank fed into that review? If he is in a position to do so, will Professor Lane outline his opinion in that regard? This was probably...

Written Answers — Department of Finance: Financial Services Regulation (4 Oct 2018)

Pearse Doherty: 75. To ask the Minister for Finance his views on the emergence of new financial products that involve a service in which the lender buys directly from a shop on behalf of borrowers such as a website (details supplied); the rights of the borrowers in this scenario; and his plans to regulate the products. [40360/18]