Results 641-660 of 13,959 for speaker:Marc MacSharry
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: What amount of money is SBCI giving out in that type of scheme, on average? Mr. Black said it was between €5,000 and €4 million in that particular scheme for farmers, small businesses and so forth. On the liquidity side, what is the typical range?
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: This is the Committee of Public Accounts, so it is okay. I am not asking Mr. Black to name the company.
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: Bibby Financial Services Ireland got €70 million, of which it drew down €60 million. Is that right?
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: It employs 24 people. That is approximately €2.5 million per job. Is that correct?
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: What SMEs?
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: It paid €30 million of that to its UK company.
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: I liked the first part of the speech, whereby we are supporting farmers, small companies and so forth. However, SBCI has approved €70 million and given €60 million, and the witness said the average was about €40,000.
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: Did SBCI ever carry out an aged debt analysis on Bibby Financial Services Ireland?
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: I am sorry to interrupt, but I asked if an aged debt analysis was ever carried out. The answer is a "Yes" or "No".
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: I mean Bibby Financial Services Ireland, because that owes the SBCI the money.
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: It is a very specific thing, because it is a discount invoicing company. Did the SBCI carry out an aged debt analysis?
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: It might owe in the region of €1 billion. Did the SBCI drill down into that €1 billion to see how much of that was likely to come back?
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: My information is that the SBCI did not. Is the witness certain?
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: I will conclude my questions. I am about to go over time and the Chairman will cut me off. What I am getting from Ms Sweeney is that the SBCI did not carry out an aged debt analysis. That is a very specific term in its business. Unfortunately, my position is that the SBCI was not set up for this purpose. It is bailing out Sir John Bibby and his shipping company. An aged debt analysis...
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: I am just about to conclude. I will do so by making a proposal that the committee consider, under section 748 of the Companies Act, asking the Office of the Director of Corporate Enforcement to examine the support that was given to Bibby and whether the money was used for its intended purpose. Although I am no expert, my reading on this matter recently leads me to believe that Irish...
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: I understand that. I had to step out for a second, but I understand Ms Sweeney said that Bibby Financial Services Ireland has been funding invoices of €135 million. Is that correct?
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: That is approximately €30 million per year.
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: Give or take €30 million per year, which sounds like big money to the average punter and, indeed, me. The money has been turned around. To fund €30 million in invoices per year, €5 million is needed every 60 days. Some €1 million goes out and €1 million comes in, for example. If the €60 million we have provided was to fund discounted invoices, it...
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: There is money coming in constantly. A lender does not give €20 million and tell someone to pay it back in two years' time. Bibby Financial Services is not saying that-----
- Public Accounts Committee: Strategic Banking Corporation of Ireland: Financial Statements 2019 (9 Mar 2021)
Marc MacSharry: I hope that the committee will proceed with the proposal, which was seconded and I believe was supported by others.