Results 1,921-1,940 of 26,392 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: Deputy Mairéad Farrell is next.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: I thank Deputy Durkan. Mr. Kincaid made reference to institutions needing to learn lessons when talking about the past. Does he think lessons have been learned around the issues that were raised regarding accountancy firms that sign off on the banks' accounts? I recall that on 21 October 2020, I raised the issue of an article in the Financial Times. It spoke about banks deliberately...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: Mr. Kincaid is straying from my central question. Can he guarantee that banks will record the loans in a fair way, other than the way they were recording them previously to give their balance sheet a more respectable look? Are banks allowed, in certain circumstances, to record loans above their value? That is the central question. The second part of that question is in looking at the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: Mr. Makhlouf mentioned he had not read the articles. Again, I am not trying to catch anyone out. I am just looking back over my notes. I raised the question about these articles, those printed at that time, back in 2020 on two occasions. In fact, I think the secretariat will have sent them to the Central Bank. I am interested in establishing what the current situation is-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: I will give Mr. Makhlouf the articles before he goes so that we can at least get some sort of idea-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: Okay. That would be great. Considered answers are fine.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: Arising from Deputy Durkan's questions, I would like to clarify that the investment funds being referred to, from outside the country, can buy whatever they like. No restrictions have been placed on their commercial activities in the market if they are buying property, houses or blocks of apartments. Is that what was said? An outside investment fund, like an individual, I presume, can...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: I am sorry for cutting across Mr. Madouros, but the Central Bank cannot prevent them from investing in forestry, housing or anything else. The bank's job is regulation. Deputy Durkan was asking a specific question and I am trying to tease it out. It is for the investment funds to make a decision as to where they will invest. If they are in Ireland, they come up on the radar of the Central...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: I am sorry for probing this but I have a concern about this. I understand the macrofinancial implications and have a view on it. Where a company is funding projects in the State from outside it, does the Central Bank have the reach to determine if it can sustain any financial blips as it develops its projects or is it the case that this sector, in forestry and housing, is open to an extra...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: It is. It just emphasises for me the dangers of some of these funds relevant to the types of activities it has been suggested they would be engaged in, for example, forestry and housing. I can see there is a gap in the regulation that needs to be addressed. Those funds are distinctly different, in a way, from what we would describe here as vulture funds. The problem I see with the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: Yes. That is why I made a distinction between my first and second questions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: I understand.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: We are due to conclude at 4.30 p.m.-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: That is okay. I am just saying we have to conclude-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: Excuse me, Senator.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: We are due to finish-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: No. Excuse me.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Economic Issues: Engagement with Governor of the Central Bank of Ireland (25 Jan 2023)

John McGuinness: It is 4.30 p.m. We are obliged to end the meeting. We will resume our deliberations on other matters next Wednesday. I thank the witnesses for appearing before the committee, and I thank my colleagues.