Results 1,721-1,740 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: The Central Bank has reservations about long-term lending by credit unions. What are these reservations and what is meant by long-term lending? Is it 20 to 30 year mortgages? If so, where are the problems envisaged? Is it in recovering money or tying down assets? The Central Bank obviously had problems with it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: In her opening comments Ms McKiernan stated:Regrettably, standards of regulatory compliance are still well below those required to credibly safeguard members’ funds and to position credit unions to tackle business model development. We are still seeing an unacceptable number of credit unions failing to display strategic understanding and good governance. Despite all of this, we...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: When we consider the credit unions in the context of what happened with the banks and financial institutions, the language used by Ms McKiernan when speaking about them was very strong, which is very unfair. We have discovered that there was no net loss to the Exchequer overall on behalf of credit unions. The credit institutions resolution fund has been established. Where does Ms McKiernan...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: On deposits, Ms McKiernan says in her statement that she wants to see the credit unions attract younger borrowers. One has to have savings to be a borrower in a credit union. We have recently seen that some credit unions cannot afford to take in savings because all of their deposits have to be backed up. Does Ms McKiernan not think that there must be something wrong when the credit union...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: She does not have the crystal ball in front of her.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Have any members' funds been lost over the years since the crash?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: I take it that no members' funds were lost in the basket case in Newbridge.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: What was the total loss in Newbridge?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: The liquidation in the Newbridge case is not finished.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: Does Ms McKiernan have any proposals for us as legislators? Does she require any additional legislation to help her to bring about some of the changes that might be needed in response to the outcry from the credit unions, which are frustrated at the moment? We are similarly frustrated.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: The regulatory reserve ratio seems to be a particular problem for credit unions because they are treated differently from the other institutions. It has been suggested that a change from a simple blunt calculation of the percentage of assets to a risk-weighted calculation, as pertains in other institutions, would avoid the crazy situation whereby credit unions have to reserve 10% of all 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 might be a problem for some. Some credit unions might not be as big a risk as others but there does not seem to be any flexibility - it is one size fits all.
- 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 €4 million.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: And no members lost.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (23 Mar 2017)
Paddy Burke: The shareholders would be happier.
- Seanad: Reports on Motor Insurance Costs: Statements (22 Mar 2017)
Paddy Burke: I welcome the Minister of State, Deputy Eoghan Murphy, to the House. The Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach examined this issue and prepared a report. As a member of the Oireachtas committee that examined this issue, I learned of the many problems involved and it opened my eyes to the many issues that were raised at our committee meetings. Various...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)
Paddy Burke: I welcome the delegation. It is quite easy to see that the credit union movement is trying to operate with its hands tied behind its back, as it were. Is there a difference between the credit unions' lending in the North and in the South?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)
Paddy Burke: They both operate under different Central Bank regulations. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)
Paddy Burke: In terms of the cash pile held by the credit unions, the witnesses are looking for a change in legislation to allow them to invest in housing projects that-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)
Paddy Burke: In both jurisdictions?