Results 15,901-15,920 of 35,756 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: What are the SBCI's requirements-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: That does not mean to say that, in the meantime during a period, they have not used the money for other purposes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: Mr. Ashmore might talk about that separate vehicle. Is a special purpose vehicle, SPV, a requirement for-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: Why does the SBCI not do it for all of them? If it is okay for Merrion Fleet finance to require an SPV in respect of its loan, why is it not the case in respect of FEXCO? Does FEXCO not do loans for leasing cars, machinery and so on?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: Why is there no SPV requirement for one and an SPV requirement for another?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: Will Mr. Ashmore give me an example? If it is in an SPV, the SBCI knows exactly where the money is.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: If the SBCI puts it into the account of one of the others such as Bibby or FEXCO, it will have mixed all the money together so therefore it does not know if that money is being used to pay off debts in the short term.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: I ask Mr. Ashmore to answer the question. Why does the SBCI insist on an SPV in a number of companies, most of them, but no SPVs in others?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: Like what? That is the point.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: Yes, but we are not talking about the bank. We are talking about the likes of Bibby or FEXCO, which are not banks.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: The SBCI would take into account the fact that there is a British parent company-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: -----and it has got guarantees and all the rest. Those are the SBCI's assurances in regard to that. That is clear enough. On the roles of auditors in accountancy firms, what roles do they play in the selection process and how does the SBCI ensure that, given that these auditors are the same auditors for the firms that are applying, there is no-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: There is never a case where an auditor or adviser to an applicant would also sit on the selection committee?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: They do or they do not? I am sorry, I did not hear that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: They are not involved in any part of the selection-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: What about the intentions of the SBCI to go off balance sheet? It was originally envisaged that it would be an off-balance sheet vehicle. What are the SBCI's intentions in this area? Does it have any intentions?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: Has the SBCI provided any loans for developers or companies involved in building? I think €45 million for the construction sector has been lent. Is that something in which the SBCI is already involved? Does it have ambitions to expand that, given the crisis we have at the moment?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: No property development but the builder who is building-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: So the SBCI has lent €45 million to small builders?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations: Strategic Banking Corporation of Ireland (27 Mar 2018)
Pearse Doherty: That could be an electrician company as opposed to somebody who is going to build ten houses? The SBCI is not planning to go in there. I return to a question I put earlier. While Mr. Ashmore mentioned reasons of confidentiality, I do not understand why we would not be able to see how many loans a company that has been awarded public money has provided. FEXCO is involved in machinery...