Results 16,001-16,020 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): Allied Irish Banks (22 Mar 2018)

Pearse Doherty: I want to get back to the issue. I thought that was a start off, easy question. I thought we would start with the easy ones. Is it the position of the bank today to not inform the committee that there is a loan sale, and will the bank not confirm if the beginning of a loan sale is under way? When the committee asks the witnesses about information that is repeatedly in the media that a...

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: At what stage will we, as members of the finance committee, be able to be informed? Will it be after the so-called loan sale is completed? I find this a wee bit bizarre. As I said, I thought this was straightforward, that there is a loan sale, agents are appointed and advisers are appointed. AIB has had the due diligence done and has taken it down from the long list to the short list. I...

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: Mr. O'Keeffe says that PDHs, family homes, will not be contained in a future loan sale or, indeed, the loan sale we all believe is under way at this point. Will buy-to-let properties be part of it? Will family farms be part of it?

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: I wish to ask Mr. O'Keeffe briefly about mortgage-to-rent. I know AIB is partnering with iCare. How is that going? It is probably still in its infancy. Has AIB agreed a number of cases that would be suitable for mortgage-to-rent with the new organisation? If so, can Mr. O'Keeffe tell us how many AIB has agreed so far?

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: I questioned representatives of Permanent TSB earlier about its split mortgages and they informed us that under the current guidelines all their split mortgages are deemed as non-performing. Mr. O'Keeffe, under questioning from me on the previous occasion he appeared before the committee, suggested or stated that AIB's split mortgages can be deemed as performing under the current guidelines....

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: What is the end of the period?

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: I just wanted to confirm whether the period was the 25-year mortgage.

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: Has that been made crystal clear to AIB by the regulator? Is Mr. O'Keeffe 100% sure that all AIB's split mortgages and the way in which it has structured them are deemed or can be deemed as performing once they go through that probationary period? We heard from Permanent TSB, and this is not about pitching one bank against the other, and I do not want to do so, but not one of Permanent...

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: From my understanding of both split mortgage models that are used in the two State-owned institutions, AIB also charged no interest rate on the warehoused portion. 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: Permanent TSB raised this as one of the reasons it may not be able to be deemed as a performing loan, but AIB's split mortgage does not trip into the classification.

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: Regarding the ratio of the split that AIB has undertaken, have many of the warehoused portions exceeded the 50% mark?

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: They are all under the 50% mark.

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 warehoused proportion would be 50% or less.

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: However, the majority of Permanent TSB's would be in excess of 50%, and-----

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: AIB's position on the duration is perhaps key in all this because obviously the EBA rule is that one cannot use underlying collateral to pay off a mortgage and AIB's scenario is that for the warehoused portion there is not a trigger at the age of 65 or 67. Is it a lifetime issue?

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: When AIB designed this split mortgage, was it with an eye on the EBA rules? Did AIB get guidance on the potential pitfalls in the design of it?

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: If I were an AIB customer and I had a split mortgage, would I have two separate, independent contracts, contract A and contract B, on the same loan?

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: Mr. O'Keeffe cannot say it is significant.

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: I have another question. In AIB's annual accounts there is reference to a share bonus scheme which is going to be introduced for senior personnel within the bank. I was scratching my head trying to figure out how this would work. There was not a huge amount of detail on it. How can that work given that there is a 45% USC charge on any bonuses paid to personnel in banks which have been...

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: With respect, I found the statement quite arrogant. There is only one way that deferred bonus scheme can work. It must operate under the excessive remuneration charge, which was introduced in 2011 and was an additional 45% tax on bonuses for bankers in banks which received State money. There is no Cinderella clause. It will continue in Irish tax law indefinitely unless the Irish...