Results 18,881-18,900 of 26,053 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: We need a proper banking system. No one denies that. I welcome the fact that the witnesses have brought the bank back to profitability, but the balance is our getting a return on our money. The bank is worth half its peak value, although peak values were out of control at every level. Like any institution, the bank probably has projections for the next five years. How does AIB project it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: There may be a case for us not jumping our fences too early or, rather, jumping a couple of small fences first. We cannot make that judgment until we see AIB's projected performance.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: When does Mr. Duffy anticipate AIB will be able to see the horizon on this issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: AIB anticipates that it will not reach calmer waters and be able to see into the distance until the third quarter of 2015.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Regarding mortgage interest, I will ask a positive question with a negative twist. Why did AIB reduce its variable rate? Permanent TSB was the last bank to present to us. Of it, Bank of Ireland and Ulster Bank, none has dropped its rate. Bank of Ireland has a net interest margin of 2.08%. Ulster Bank has a net interest margin of 2.32%. Permanent TSB's margin is low at 0.88%. AIB's...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Is that through a change in the mix of AIB's funding, namely, more deposits?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: For me it is straightforward. Given the reduction, AIB anticipates that its cost of funding will decrease and expects variable rates to fall rather than rise. Am I correct in my assumption?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Based on those elements, the other main banks that presented to us, particularly Bank of Ireland and Ulster Bank, should be dropping their rates in line with AIB's. Ulster Bank and Bank of Ireland have higher net margins. As I have stated previously, there is a lack of competition in the Republic of Ireland market. The variable rate that AIB charges in the North is more or less the same...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Is it not down to competition?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: What is the teaser rate in the Republic?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: Senator Coghlan seems to be saying I am a bad cop. I welcome Mr. Duffy and his colleagues. The big issue in the media in regard to AIB is the question of getting back taxpayers' €21 billion. It is difficult to lose sight of the sheer magnitude of that sum. To give it some context, the budget of the Department of Education and Skills is €8 billion while that of the Department...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: AIB (13 Nov 2014)

Kieran O'Donnell: To put it in context, what was AIB's market valuation at peak?

Social Welfare Bill 2014: Second Stage (Resumed) (13 Nov 2014)

Kieran O'Donnell: I will concentrate in the limited time available on two issues that need reform. The first issue is in the area of jobseeker's benefit for the self-employed. It is something I feel strongly about. I was self-employed before I went into politics. We need to have parity of treatment. If the business of someone who is self-employed fails, it is a traumatic time. In that situation, the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Kieran O'Donnell: That is similar to Bank of Ireland.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Kieran O'Donnell: The 2.32% figure is in the public domain. I assume these figures were probably freely available if we had dug for them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Kieran O'Donnell: The net interest margin is 2.32%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Kieran O'Donnell: We are told the net interest margin at Bank of Ireland is 2.08%, it is 1.6% at AIB while Ulster Bank's is 2.32%, based on the information we have received to date. The rate at Permanent TSB is below 1% at 0.88%. Ulster Bank's net interest margin is the highest of the banks in Ireland by a significant amount. Why are the rates the bank is offering to customers not more competitive?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Kieran O'Donnell: Mr. Brown is able to break down the costs of borrowings in terms of giving an explanation as to why there is a lower charge in the North than in the Republic. By definition, therefore, Mr. Brown should be able to give us a breakdown of the difference in net interest margin between the North and the Republic. He is relying on a global composite picture for the net interest margin across the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Kieran O'Donnell: Mr. Brown is being a little selective. It is correct with regard to the standard variable rate, but when one looks at loan-to-value rates below 60%, there is a significant difference between the Republic and the Northern Ireland market. There is a 2% differential. My point is that Ulster Bank is reacting to competition in the market. To make a general observation, what must be examined...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Banking Sector: Ulster Bank (13 Nov 2014)

Kieran O'Donnell: In the limited time I have, and this is the kernel of it, we are getting back to old style banking again, which is in effect the banks seeking to get the highest rate possible from the customer and the customer not having proper competition in the market. I have two questions. First, what rate would Mr. Brown like to reach for net interest margin? Second, in light of the fact that AIB is...