Results 15,161-15,180 of 36,763 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: That is excellent. Mr. Crowley's answer is good news to everybody here. I will read the first line of the Central Bank code of practice on the transfer of mortgages. It states: "A loan secured by the mortgage of residential property may not be transferred without the written consent of the borrower." Will the bank apply that?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: Mr. Crowley replied "Of course" when I asked if the bank was going to apply the code of conduct on the transfer of mortgages. The code, which has been in place since 1990, is clear. It is voluntary and it is up to the bank whether to apply it. Mr. Crowley has told this committee that he will apply it. The former Minister for Finance believes that every bank should apply it and,...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: No, that is not what the code of practice says. I will go through it if Mr. Crowley wishes. It states:When seeking a consent and where there is to be or where there may be an arrangement under which the original lender will service the mortgage as an agent of any transferee, the lender will confirm that the transferee’s policy on the handling of arrears and in the setting of mortgage...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: Mr. Masding is the top guy. This is the code of practice on the transfer of mortgages. I will read Mr. Masding the first line again: "A loan secured by the mortgage of residential property may not be transferred without the written consent of the borrower." Permanent TSB is a State-owned institution. I acknowledge the code is voluntary and I will table legislation in the coming days to...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: I apologise for interrupting but the code does not say anywhere that it is voluntary. It does not say it is statutory - that is all. I take it Mr. Masding was not familiar with the code.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: Is it not the case that Permanent TSB applies the Central Bank's code of conduct on mortgage arrears, which is voluntary?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: It does so although in the original contract there is no real requirement for the bank to engage with those types of measures. The bank has legal rights to do certain things and while the code of conduct limits these in a certain way, the bank complies with it. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: That is fine. The point I am making is that Permanent TSB is a State-owned bank. The public owns this bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: Yes. The State is the majority - 75% - owner of this bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: I have one more point to make after this. Permanent TSB is completely disregarding the code of practice on the transfer of mortgages because that code does not suit it. This is something that was agreed by the Central Bank. It is not coming from afar. Permanent TSB is deciding that something which is in place does not suit it. It knows that if it asked for the consent of its customers,...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: I suggest that the bank should talk to its customers for a start. I will not go into the mess that the bank made of its split mortgages. Those mortgages are defined as non-performing. In other banks that got it right, they are not defined as non-performing.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: I have a question for Mr. Ryan.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: The major concern when banks are selling to the vulture funds is that there is no long-term interest. Pepper is an agent. It is clear from the prospectus that this can be sold at any time. Indeed, Pepper can be removed as the agent at any time by this vehicle. We have no idea who owns the vehicle. The big concern here relates to certainty. Regardless of people's opinions of high-street...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: Will the assessment of income be the exact same as that done by Permanent TSB?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: Exactly-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: If Pepper is not using the same assessment as Permanent TSB, there will be a difference.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: The operating committee-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Sale of Permanent TSB Mortgage Loans: Discussion (6 Dec 2018)
Pearse Doherty: I asked where the operating committee is dealt with in the prospectus. Mr. Ryan might be able to answer that question. Where is the operating committee referred to in the prospectus?
- Consumer Credit (Amendment) Bill 2018: First Stage (6 Dec 2018)
Pearse Doherty: I move: "That the Bill be taken in Private Members' time."
- Consumer Credit (Amendment) Bill 2018: First Stage (6 Dec 2018)
Pearse Doherty: I move:That leave be granted to introduce a Bill entitled an Act to place a cap on moneylenders’ interest rates, by amending the Consumer Credit Act 1995. Leaflets from legal and licensed moneylenders have been distributed recently in my part of County Donegal, an area of high deprivation which has more than double the national unemployment rate. Such leaflets are also being...