Results 17,641-17,660 of 35,756 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: -----because the banks deny they are in scope. Given the fact that this overcharging is happening in real time, post-2013, does the Central Bank not have the powers under the Act to ensure that the money the banks in question are wrongly taking from those customers is put back into their accounts and compensation afforded to them for the harm the banks have done during that period?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: No. Does the Central Bank have the power? I know the Central Bank and the banks are in dispute over the matter. When that conversation is finished, and if there is still a dispute under the 2013 Act, does the Central Bank have the power, given that this is happening now - in the post-2013 period - to go in and ensure that the money is transferred back into customers' accounts and that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: The witness gives the impression of the dispute with the two lenders and what happens if there is a satisfactory outcome. I ask her to name the two lenders - I do not know if there is any reason they are not being named at this point. Has the Central Bank not indicated to the lenders that it has power under the 2013 Act, given that the overcharging is happening now, as the banks are taking...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: Is the Central Bank willing to use the powers given by the Oireachtas to the Central Bank in 2013 to ensure the money wrongly taken from those customers will be transferred back to their accounts?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: If it can be resolved that way and if banks are made to acknowledge what they did wrong, it would be the test outcome for everybody.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: We have limited time and there is much I would like to go through but I am stuck on this question. I am absolutely shocked that the Central Bank has come here, acknowledged its view that certain people are being overcharged or denied tracker mortgages, this is happening in real time and being disputed by banks and the Central Bank is telling us that if the dispute is not resolved, the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: We are focusing on a matter and I am disputing the use of moral suasion and other powers of the Central Bank to deal with this. The point was echoed by the Central Bank this morning and it sends a terrible signal to financial institutions that if they continue to deny the fact that the Central Bank believes a certain number of people should be within the scope of this investigation, the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: How many individuals has the bank identified in those two populations of customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: Will Professor Lane indicate if that number is in the hundreds or thousands?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: To be clear, the Central Bank is not going to give us any indication of the number of individuals it believes should be included in the tracker mortgage examination and it is also not going to name the two banks which are subject to the examination. I presume it will also not name the two banks that are allowed to issue addendums to the stage 2 reports. Is that the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: We have been using the words "fraud" and "theft" for a number of years to describe the scandal with tracker mortgages. Will Professor Lane outline the amount of customers' money that remains in the banks' accounts according to the Central Bank? My estimate is that €300 million of customers' money, which should be returned to them, remains with the banks.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: We refer to "redress" but that is just a fancy word to cover what is customers' money. Bank customers and many members of the public are irritated because approximately €300 million of their money is resting in the banks' accounts when they are experiencing financial distress as a result of the banks not returning their money to them. I will now focus on the compensation scheme....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: Representatives from a number of banks have appeared before the committee and informed us that compensation is, on average, 10%. In other banks, the average compensation is 12%. I would like to understand how our guests think that is an adequate level of compensation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: The Central Bank had a role in this process as well.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: I am focused on the ones that are happening now. We know three banks are issuing redress payments.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: The Central Bank has signed off on them and, on average, customers are getting 10% of the money that was stolen from them in compensation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: Some of my colleagues can pick up on how the internal appeals process is simply not working. With regard to the hundreds of millions of euro that has been wrongly taken from customer accounts by the banks, does the Central Bank believe that was done unlawfully?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: We understand the history and why it is taking place. Is the Central Bank two years into this examination process of the view that the money taken from customer accounts, amounting to almost €500 million, was taken unlawfully or not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: Let me rephrase the question. Does the Central Bank believe that any of the €500 million that was taken from customer accounts wrongly by the financial institutions was taken unlawfully?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)

Pearse Doherty: Is that a "Yes"?