Results 1,741-1,760 of 26,398 for speaker:John McGuinness
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: Yes. I understand that. To make myself clear, there is this issue here and then there is the other issue.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: All added in, it is bleak outlook if something is not done, such as the suggestions that all the witnesses have made around this. MABS made a submission to the consultation on the EU credit servicers and credit purchasers directive. How long does it take for the submissions to be considered and transposition to occur?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: When was the directive first put in place by the EU?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: I recall someone stating that there is often a issue with the paperwork when the loan is transferred from the bank. What is meant by that? Does that mean lost papers or incomplete papers? That causes further problems down the road.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: When the person in trouble comes in and MABS has to contact one of the credit servicing firms, the front-of-house people, as it were, how easy is it to get to the entity that actually holds the loan? The front-of-house company will say it has to go back to the credit committee in the other entity, which means considerable time is lost. I deem this to be deliberate on the part of the vulture...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: The scales are tipping in the opposite direction. Is that right? None of them are saints.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: I have seen it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: In my office, which deals with these issues, we may contact a third party and MABS could be a third party. We are inquiring about the status of what is going on and trying to pursue this at a higher level, whereas MABS is dealing with the nuts and bolts, as it were. These companies will not talk to us in the office. They are saying that only one third party is allowed. When they hear that...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: How often do the witnesses have meetings with Government Departments? I presume they meet Ministers and so on. How do they feel about that engagement? Are the doors to those offices open to them to be listened to and to have their experiences taken on board - or not? I include in that the funding for both organisations and the changes they want to see. Are the Departments open to...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: That does not answer the question as to whether or not the witnesses have an open door to Ministers and their Departments in order to make their case. From what we are told, hundreds of meetings have taken place between vulture funds and the Department of Finance. That is as much as we know. I want to understand the power imbalance, as Mr. Sreenan calls it. Is there an imbalance in terms...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: I am not putting the witnesses on the spot, but someone has to answer, and the Government is not answering.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: A stitch-up is right. That hearsay evidence too has added to the imbalance. I did not vote for it, but a Bill to allow the courts to conduct some of their services by way of Zoom during the pandemic was passed in the Dáil late one night. Down in the body of the Bill there was this issue of hearsay evidence, and that, in my opinion, has further complicated the imbalance that is there....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: You can work away. You do not have to-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: An awful lot of the car firms we see are transitional.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: They are still not regulated; they are in transition.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: There were 17 authorised credit firms - I think that was the number I got - and 26 more were awaiting authorisation.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: What are home reversion firms?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: What is home reversion?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: The language complicates matters and suits those in financial services. The language is beyond an ordinary citizen.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Investment Funds: Discussion (8 Mar 2023)
John McGuinness: Before the courts, all the legal representation is on one side and the lay litigant is on the other. The Judiciary frowns upon the lay litigant. It seems to me the imbalance against the individual continues to be added to.