Results 15,981-16,000 of 35,756 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: It is not the view of the Parliament. We are not a market. We have a duty to citizens. A bank has a duty to customers, including people who have engaged with Permanent TSB for months and years. I have with me a letter from a customer who tells me that his file is yea deep after years of engagement with the bank. The letter asks simple questions about whether his is one of the loans that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: The bank does not pay tax and will not for the next couple of decades.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Mr. O'Sullivan has already given us a figure of 6,000 split mortgages.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: No. There are only 4,000 in Project Glas.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Are 1,000 of the 4,000 buy-to-lets mortgages split mortgages?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: I have some questions but I assume the witnesses will not have some of the answers so perhaps they could provide a response to them for the committee. I am seeking information on the loans in Project Glas. In how many of them did the bank vote against a personal insolvency arrangement, PIA, and in how many did it vote for one? If there is any perhaps the witnesses can provide a breakdown....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: I am asking for an answer on the last question now. I am seeking answers to the more detailed questions, which I presume the witnesses do not have with regard to the PIAs and the ratio in increments of 10% for the split mortgages. I am being fair to the witnesses. There are serious questions for Mr. Masding as the CEO of the bank given that he cannot understand what AIB is doing. We will...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Are one third of the houses lying empty? There are tenants in only 66% of the 1,300 houses that were handed back. Please do not tell me that they are lying empty at this point in time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: The bank got them in December.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: If the witnesses will do that as soon as they can, it would be very helpful to the committee. Mr. O'Sullivan answered my question about PIAs. He said that the bank has rejected 30%. My question specifically related to Project Glas, so does that 30% relate to it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: Has the bank rejected any PIAs that are now in Project Glas? That is my key question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: It must be very hard to sell a house these days.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: I know we are pushed for time but I would like an answer to an earlier question I asked. If, hypothetically, provisions are made against Project Glas valuing the loans at 48% of book value and the loan book is sold at 40% below value, will the bank make a profit? How does the process work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: When Mr. Masding says the analysts are suggesting that Permanent TSB will not make a profit on the sale, they are saying it will be sold-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: The net book value is 48% or less, which is a write-down of nearly 50% across the loan book.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Permanent TSB (22 Mar 2018)

Pearse Doherty: I understand that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Pearse Doherty: Cuirim fáilte roimh na finnéithe ón mbanc chuig an choiste. Baineann an chéad cheist atá agam le Project Redwood. Perhaps Mr. O' Keeffe will give the committee an understanding of what is contained in that project and what stage it is at now.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Pearse Doherty: The purpose of this committee meeting is to deal with these issues so, without commercial breaching confidentiality or sensitivities, we have to discuss these issues as broadly as we can. The loan sale is reported to be valued at €3.75 billion. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Pearse Doherty: Okay. How come AIB cannot say that but Permanent TSB can tell us that Project Glas is this, that and the other and while it is not saying how much it is going to be sold for it can indicate the book value of the loan sale? It is very clear from media reports, which are going unchallenged, that someone - I presume from AIB - is briefing the media that there is a loan sale, that it is called...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks (22 Mar 2018)

Pearse Doherty: It is appropriate to acknowledge that in relation to this sale. Let us deal with some aspects. Does Project Redwood exist?