Results 18,601-18,620 of 35,829 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Pearse Doherty: Does Ms Goggin have any idea of how prevalent that is?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Pearse Doherty: I want to go back to the issue of whether there is a market failure. I am sure the representatives are familiar with the Central Bank (Variable Rate Mortgages) Bill in the context of a cap on interest rates. Under that proposed legislation, which is before this committee, the responsibility would be given to the Central Bank to determine if there was a market failure, and correct me if I am...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Pearse Doherty: I have two final brief questions. Reference was made to the dysfunctional nature of and lack of competition in the market. One would imagine that if the banks are all offering the same products and if there is lack of competition, then there is an opening for a bank to come in and undercut them or make profits. However, that has obviously not happened and, as a result, the normal rules or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Pearse Doherty: Governments own banks all over the world and the most prominent banks in some of the best countries in terms of competition, such as Germany, Switzerland and elsewhere, are government-owned. It is not a case of one size fits all regarding government-owned banks being bad and private sector banks being good. Indeed, the private sector made a fairly big mess in this country due to unbridled...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Pearse Doherty: We should remember that the bankers in AIB have a cap on their wages of €500,000, and as soon as AIB is privatised their wages can go up. There is an incentive for bankers to say that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Pearse Doherty: I will just clarify that because it is a very important point. The point that has been made here is that the difficulty is the legislative proposals we in the Houses of the Oireachtas could introduce for privately owned banks or State-owned banks, regardless of the ownership structure, as opposed to the fact the banks are owned by the State.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Pearse Doherty: It is really the role that the State takes on the banking sector, regardless of whether the banks are private or public, that is the deterrent.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Competition and Consumer Protection Commission (20 Jun 2017)

Pearse Doherty: I thank the witnesses. I know I picked up the bits that I wanted to challenge in terms of the report but it is a very comprehensive report and those involved obviously put a lot of work and effort into compiling it. I thank them for doing it as it helps us with our overall discussion of the mortgage market.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: I thank Mr. Honohan and the previous speakers for their contributions. I commend them, as a group, on the efforts they have made. I was taken by Mr. Reilly saying certain people's lives have been put on hold trying to get this across the line. It is not very often we see legislation written from outside the confines of the Houses of the Oireachtas. I commend the witnesses on doing that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: Hopefully, Fine Gael will indicate that it is a vehicle it wants to go with or perhaps Fianna Fáil, which is keeping the Government in position through its confidence-and-supply arrangement, will indicate that. I am sure that if there is a will, we can find a mechanism to introduce a vehicle of this nature. On funding, it is stated in paragraph 26 that the co-op could raise money...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: From what source would the initial capital come?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: Money would be raised on the international markets on the basis that the co-op would start to-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: The NAMA scenario is very similar to what is being proposed here. The only difference is that in terms of the issuance of bonds, they were State-backed bonds. I was interested to see if they would be State-backed or not.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: Mr. Honohan should correct me if I am wrong. In the context of the timeframe, there are three different ways in which the property would be purchased from the financial institution. The first is an agreement with the financial institution based on the market value at a certain date - 31 December 2016 - the second is through a compulsory order and the third is through the open market. What...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: How would that work hand in hand with EU state aid and competition rules in terms of a case that could be taken by a potential bidder for a property which a bank was about to sell but which, under the legislation that would have been passed, it would have to sell to the co-op?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: That is fair enough because they see part of it deals with that issue that they can continue to oppose-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: While there are many failures in the mortgage market, what I find sickening is that, in the event that this legislation gets to the floor of the Dáil, is discussed on Committee Stage and progresses, we will end up dealing with State agencies. Allied Irish Banks and Permanent TSB are State agencies and we should not have to create another agency or vehicle in terms of those branches of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: On the timeframe, property will be purchased from the banks using either model A, B or C. Does Mr. Honohan have an indication of the number of mortgages of home owners and buy-to-let mortgages that would eventually be in the co-op? Perhaps he will explain why we would set up this co-op for professional investors or others who may use properties as their family's pension fund and so forth.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: On the timeframe involved, does Mr. Honohan envisage that the co-op would exist indefinitely? The ultimate aim is that borrowers would be able to purchase back the properties at some stage, which may or may not be the case. Would the co-op always have a foothold in the market in respect of renting?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Irish Mortgage Market: Right2Homes (20 Jun 2017)

Pearse Doherty: I thank Mr. Honohan and the other witnesses.