Results 17,701-17,720 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: How is the level of fines determined? The public will be cheering the Central Bank on and may give the witnesses the freedom of the city if they take out the bata mór when they are levelling fines on banks following the enforcement action. How does the Central Bank determine the appropriate level of fine to be levied on an institution when some are recording profits of €1...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: For example, 10% of a bank's turnover would be a massive fine.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: 2013.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Perhaps the Central Bank should seek victim impact statements from members of the public before it issues the fines because those stories------
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: I wish to raise the issue of Brexit and how it could impact on financial institutions in the State. I understand that the financial stability division of the Central Bank has carried out an assessment into the risks for Irish banks with UK market portfolios in the context of three different gradations of a hard Brexit and has assessed potential falls in the property market, unemployment...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: We obviously need to take the Central Bank at its word in this matter. I would expect that Mr. Sibley would be able to provide us with some picture of high-level exposure in respect of Irish banks. Without going into the individual institutions, which would be counterproductive in terms of market sensitivities and so on, under the three scenarios of the Central Bank's assessment, can he...
- 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 sorry, what can the witnesses provide?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: What loan default rate has been assessed under the three different scenarios?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Are we looking at single digits in the most adverse scenario?
- 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 not looking for the methodology. I am looking for the conclusions. The Central Bank has assessed, under the different scenarios, what the likely loan default rate would be in respect of UK mortgages for Irish financial institutions. What type of rate are we looking at? Potentially, how many accounts could go into default under the three different scenarios?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: It is because there are only two players in the market, is that what Professor Lane is saying?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: I accept this is projection and forecasting, looking at different scenarios, which is exactly what the Central Bank should be doing and I welcome that. However, the Central Bank has the data based on the models it has used under the three different scenarios of WTO, Norway, Sweden and so on. Are the witnesses telling the finance committee that there is nothing to worry about in respect of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Brexit is obviously not the only risk on the horizon for financial institutions. Let us assume - I hope it does not materialise - that the most adverse scenario from the Central Bank's assessment comes to pass and that we will see capital being used up in respect of those loan defaults. Is it Professor Lane's view that the capital remaining within the institutions would be sufficient, or...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Before Professor Lane deals with that, the Central Bank has carried out an important analysis of three different Brexit scenarios. In the event of the most adverse scenario materialising, does Professor Lane believe that Irish banks would need to raise additional capital? On foot of that assessment, would Professor Lane be encouraging the banks to increase their capital levels because of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: As a result of the assessment carried out by the financial stability division of the Central Bank on the risk relating to Brexit, are we likely to see additional capital requirements on at least a number of the Irish 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 get that there are moving factors and that it may remain the same because some go up and down. If we just look at the Brexit component of what made up the capital requirement in the previous year, on foot of the assessment that was carried out, does Professor Lane believe that the Brexit component of the capital requirement will be increased?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: I know that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: I thank Mr. Sibley for clearing that up. I hope we will not be dragging the witnesses over the coals in a couple of years regarding why these banks have-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: I would love to go that part of it in detail but I cannot because the Chair is anxious that I move on. This is my final question. In correspondence that was released to me following a freedom of information request, the Central Bank diplomatically told the Minister that certain insurance companies had lied to the Central Bank. Does Professor Lane believe that to be a fair assessment?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Engagement with the Central Bank of Ireland (19 Oct 2017)
Pearse Doherty: Yes.