Results 17,921-17,940 of 35,756 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: What provisions has the bank made to deal with the fallout of the tracker mortgage scandal within the bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: Can the witness tell the committee what it was?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: To clarify, the CEO said the bank was publicly quoted on the provision that was made in 2016. Can Mr. McCarthy confirm what the provision was in 2016?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: What was the sum?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: Sorry, the witness can correct me if I am wrong. The CEO said the bank made a provision in 2016 and it was publicly quoted on that provision.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: Okay.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: It is getting confusing now. KBC Bank made a provision in the 2016 accounts but it will not make a provision in the 2017 accounts. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: The reason it has not done so is that it cannot have a reliable estimate.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: That is what the accounting standards state, which are the same accounting standards that applied to the 2016 accounts.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: The bank was able to make an estimate at that point, even though the standards still stated that it had to be a reliable estimate. Despite the fact that the bank is a year further into its investigation and supposed to conclude phase 2 within a couple of days, the bank now has less information and less reliability in its estimates than it had a year ago. How does the witness square that circle?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: Okay. Obviously, IIB Homeloans, which is where I have a loan, was the company that made the loans back at the height of the boom. IIB Homeloans wrote to all of its brokers on 7 November 2006 stating that there was fantastic news from IIB Homeloans and that all IIB Homeloans fixed rates would run onto tracker rates upon expiry, offering the brokers' clients even better value. The product...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: What is Mr. Verbraeken's understanding of the background to that flyer?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: I presume it is at least false marketing if the bank is not going to honour it. That is entrapment. In 2006 most of the bank's product was sold through brokers. If a broker tells me that I can fix the rate and it will automatically roll on to a tracker, I enter into the contract in good faith. Would the witness accept that?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: Let us refer to something that perhaps the witness will comment on. I participated in the banking inquiry. One of the matters that alarmed us during that inquiry was how financial institutions were issuing loans to their directors, senior managers, spouses of directors and so forth. It is an issue that presented in the courts. We know it was a major risk at the time in the financial...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: I am concerned that the witness is trying to play this down as a technical issue. The bank failed to adhere to the code of principles that is set down in respect of lending to related parties not once or twice but on 18 occasions, which were extension of maturity for term loans of €5.5 million and €6.5 million and other variations to loan documentation that did not go through...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: Who reported them originally in 2013? Was it the senior management of the bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: It was the senior management. I am aware that the bank reported further instances later. However, in 2013 the Central Bank raised concerns. The Central Bank said that in June 2013 it raised concerns with the firm regarding its compliance with the code and required the firm's internal audit department to carry out a review of its compliance with the Central Bank's codes generally. Is Mr....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: The details are that on 8 May 2014 and again on 26 June 2014, KBC Bank informed the Central Bank of breaches. That is a year after the June 2013 request by the Central Bank, relating to its concerns about compliance with the code, asking KBC's internal audit department to carry out a review. Will Mr. Verbraeken correct the record and say that it was not KBC that identified this issue but...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: Moving on to the final issue, KBC has engaged in 209 personal insolvency arrangements to date. Will the witnesses give a breakdown of how many of those arrangements involved the family remaining in the family home? Did all arrangements result in the family remaining in the family home?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Banking Sector in Ireland (Resumed): Permanent TSB and KBC Bank (28 Sep 2017)
Pearse Doherty: How many did KBC object to?