Results 1,661-1,680 of 23,109 for speaker:Paddy Burke
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Okay. Mr. Carville will have heard that the credit union movement has quite a large amount of money - up to €10 billion - on deposit that it is willing to use for housing and other forms of infrastructure in this country. It has no home for that money. The only thing it can do with it at the moment is put it into the banks, where they are probably getting no return on it because of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: That is being considered, but there are no proposals to do anything in this regard.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: I am sure the departmental officials tuned in when representatives of the credit unions were at this forum last week. It was evident that the credit unions are crying out for help. They need something to be done. They are trying to operate with their hands tied behind their backs. It seems, from what Mr. Carville is saying, that most of the problems being experienced by the credit unions...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: The commission previously moved the rules around savings, lending and investments from legislation that was controlled by the Oireachtas into regulation that is controlled by the Central Bank. It was much easier to make changes when it was controlled by the Houses of the Oireachtas and one could bring in a change here or there. Most of the power now lies with the regulator. Would the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Does the Department of Finance speak to the Central Bank on those issues?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Would the Department speak to them on changing or easing up of the rules with regard to sorting out the problems the credit unions are having and which have been brought to the Department's attention or raised in the Oireachtas?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: My final question is about the credit institutions resolution fund set up some time ago. It was supposed to be around €100 million and credit institutions were to contribute some €25 million per annum, of which the credit union part was approximately €7 million. It was to be for a four-year period but it has now gone in to a five-year period. Can the Department tell...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: It is going to continue every year?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: It was envisioned for a four-year period, but credit unions must continue to pay. The credit unions pay €7 million every year and when is it going to finish?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Is everybody not paying? The credit unions' portion was for some €7 million. They have paid their portion. Does this mean that if €100 million is not in the fund there are some institutions not paying or contributing to it?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Yes, but the fund was to be €100 million over four years. If the credit unions have completed their portion of the fund, is the Department telling the committee that some institutions have not paid? Is that what Ms Aherne saying?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: So has another fund been set up?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Are the credit unions the only institutions paying into the resolution fund?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Credit unions are the only ones paying in?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: So will they have to keep paying into the fund until the €100 million is reached?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: How many institutions were paying into this resolution fund before the European Union Commission made the change?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Ms Aherne might come back to us on that. She did not say how many institutions were paying into it initially.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Where is the new fund into which the other institutions are now paying?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: They are paying into the EU fund-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: So are the credit unions paying into that fund also?