Results 16,761-16,780 of 26,825 for speaker:John McGuinness
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: They are very, very important, Mr. McVeigh. Is it agreed to dispose of the Credit Union Fund Account 2013, the Credit Institutions Resolution Fund Account 2013 and the Credit Union Restructuring Board Account 2013? Agreed.
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: Mr. McVeigh can say that again. In terms of what is happening in credit unions currently, with the Central Bank and the Department of Finance to a degree, and possibly the regulator who is not present to answer, if one takes a loan of €6,000 to €10,000, there is an inordinate amount of red tape that one has to go through to get loans. I have heard that from individuals and...
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: ReBo had this conversation with 323 credit unions.
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: The Central Bank has its own knowledge on all of these matters. The Department of Finance is everywhere and it knows the situation. On a credit union by credit union basis, because of the positive effect it can have in local communities trying to recover, is it not time to look at the merit of lifting some of the red tape to allow the flexibility the credit unions once enjoyed, without...
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: I am interested to hear Mr. Hession say that, because there is a need for people to borrow €100 or €500 and the licensed and unlicensed moneylenders are causing huge problems in communities. The only thing that kept them at bay over the years was the credit union. Now that people cannot access the type of small money they want to get out of trouble, that is causing enormous...
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: ReBo is working on it.
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: My final question relates to the fact that half of credit unions are under lending restrictions by the regulator. How does ReBo influence the lifting of the restrictions?
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: Do individual credit unions decide?
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: That brings our hearing to an end. I wish to make an appeal to everyone in both the public Gallery and the witnesses from the Central Bank, the Department of Finance, ReBo and the Irish League of Credit Unions. My experience of credit unions is that they are a hugely important part of local communities. Everybody agrees that is the case. A significant number of individuals and businesses...
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: Mr. McVeigh has obviously travelled a great deal and amassed some experience in this area. Will he indicate the countries at which we should look in the context of legislation designed to facilitate that type of development within credit unions, particularly in view of his knowledge of the structure of credit unions here?
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: Would we have to travel to Canada to examine the system?
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: That is a good answer.
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: In the context of what our guests have set out in terms of their vision of banking, I am of the view that the structure of the credit union movements is suited to what is proposed. Our guests are involved in a process of engagement with all of the credit unions with the exception of the 64 to which reference was made. That process is due to conclude in 2015 or 2016 and, as Mr. O'Toole is...
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: Are those voices loud or are they just speaking in whispers? How big is the obstacle?
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: What is the position of the Central Bank in respect of this matter?
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: Would it be possible for us to see the consultation paper or the results of the process relating to it in order that we might obtain an idea of how the Central Bank approached the matter?
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: That brings me to the fund and the question of engagement with the credit unions. I understand the regulatory position, the platform that is being created and the need for it. Does the board provide training to staff in respect of ICT and other issues as credit unions are amalgamated? Is the latter contemplated under the funding for the operation? Is such money paid out by the board and...
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: Is that financial support repayable?
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: I ask this question because now that the board is engaging with them, is it not time to train them in such a way that it would be directing them towards Mr. McVeigh's vision?
- Public Accounts Committee: Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013 (11 Dec 2014)
John McGuinness: Are the majority of them anxious to go-----