Results 17,681-17,700 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: There have been numerous instances. There was one case that we had before the committee where a €1.2 million order was made against ACC Bank. What is the interaction between that order and regulatory action by the Central Bank? How is that court order discovered? Does the Central Bank have someone in the courts? How does the Central Bank find out whether a bank that it regulates...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: How does the Central Bank keep a close eye if a case is not reported in the newspapers? I am quite surprised at this, and also in the context of trackers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Many hundreds of individuals are taking cases to the courts and a certain number of decisions have already been issued. Legal representatives who are acting on behalf of in excess of 100 clients have contacted members of the committee and there are other representatives involved. Is there not automatic reporting when the courts decide that institutions have broken Irish law? Is the Central...
- 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 would not see that in terms of the bank breaking the law. Does Mr. Sibley know what I mean? There was illegal activity within the bank but the regulator will be blind to that idea unless it is observant. I understand that the Central Bank is stretched to its limit.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: There needs to be a direct line of reporting, particularly now that we are entering an era where there will be a large number of court cases about tracker mortgages. In that instance, courts may decide that bankers and financial institutions, that are regulated by the Central Bank, either individually or collectively broke the law.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Does the Governor believe there should be some type of responsibility, whether it on the financial institutions and the Courts Service, to report cases where they have found that an institution has broken Irish law?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: That is fine.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: In terms of enforcement actions, we know that two cases have been completed and there are two cases ongoing. Can we expect that all 11 banks will be subject to enforcement action by the Central Bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: That is fine.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: I have a question on the process. The Central Bank has a lot of documentation, including the stage two reports, etc. Given that the Central Bank expects there will be more enforcement actions, why has it taken so long to make a decision on whether the other seven banks are subject to enforcement action?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Yes.
- 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 put it on the record that there are about 30,000 documents.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Can the witnesses indicate when we will reach a position when we will know that the enforcement action has been concluded ? I do not mean an inaction but that the Central Bank has finished making decisions. I refer to a decision having been made to take enforcement action or not take enforcement action against the seven remaining institutions.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: I want an answer. Will we ask the same question in 2019, 2020 and 2021? When does the Central Bank expect it will be in a position where it has closed off the matter and made decisions about enforcement actions?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: I understand.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: That is great.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: I understand that would stall proceedings.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: The IBRC was within scope as it had a large number of tracker mortgages. Does the Central Bank have any information on the matter?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Will customers get their money back?