Results 321-340 of 25,710 for speaker:John McGuinness
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Again, it is for the person or people in the property to take that case to the courts.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Therein lies a big issue. Is that right?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: There seems to be no willingness from anybody to address it, or no willingness for it to be highlighted by those who are central to the knowledge of how it all works.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: I will go back to my bank again, and the person with the mortgage who is a customer in trouble. It is sold on to the vulture fund, and the banks sell that at a knockdown price and they set that off against their losses. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: So they do not lose.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: No but they set the balance.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: The only real loser in this is the mortgage holder, the person who took out the mortgage originally. They more than likely have lost-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: True but they lost nonetheless, and is also then faced with having to - if they would want to do it - go to court against the bank while having no money. They are really a class of people who are beaten down by the daunting task of having to face a bank with deep pockets.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: There is no legal aid there.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Bearing in mind "equality of arms", they rely on the judge.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Not with great success, it would appear, so that is that part of it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: That brings us to today's discussion. Regarding that safe harbour, and the forbearance that Mr. Honohan spoke about earlier on, one would imagine then that it is for the future and the courts to ensure that safe harbour is afforded to as many people as it can who cannot afford to pay their loan.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: That is EU law but in the light of the conversation earlier regarding who tells who about the law, one would hope that someone tells the courts about the law.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: That is a reply from the Central Bank to Mr. Honohan?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Okay. Can Mr. Honohan explain to me and everyone the retail credit firms? We have the funds, which have a front-of-house representation. The funds own the loan, the mortgage or whatever it might be, and the service provider is simply managing.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: It is not a bank; it is just a management company.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: However, they are not banks.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: They are not entitled, therefore, to increased interest rates.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: If a person was to invest an awful lot of money in a fund, he or she might get a return of 1%, 2% or 3%. I am talking about the fund itself, depending on what it is. However, this fund is now in a position to increase its chances of huge interest rates by just saying it will increase the interest rates to the European average of, say, 6%, 7% or 9% and, therefore, now, they are really making...