Results 421-440 of 25,795 for speaker:John McGuinness
- 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...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Meanwhile, the value of the property right now has gone upwards. They are winning every way. Again, it-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: The unfortunates caught in this cycle at the bottom of all this are the ones whose lives are being destroyed by all this greed and grabbing by those funds.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: I have heard about people who have lost their lives because of this. I have heard of people who have taken their own lives because of it. I have heard of families being destroyed because of it. I have heard of individuals, families and businesses who have gone to the courts and have not gotten the appropriate redress. In terms of the quotes Mr. Honohan has given us from the various...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Even if it was only the basic redress.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Okay. What are the non-banking entities that hold 112,000 or 113,000 mortgages?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: I am what?
- 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: How do they act then having bought the portfolios from the bank and now owning 113,000 mortgages? They act as a bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: No, but they-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: No, but in terms of managing these mortgages.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: They are, therefore, appointing credit servicers.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: They are only registered as owners because the mortgages have been sold and, therefore, they are registered as owners.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: That is little known.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: I know that it is, but my purpose in asking the question is to get the information out to people who do not understand the law fully and who are relying on the likes of me, somebody else or Mr. Honohan to interpret it. They take it then for their benefit and that is fair enough. I will say again that it is a breach of the law. It is necessary that people should be informed of this. That...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Servicers Directive: Discussion (13 Dec 2023)
John McGuinness: Can Mr. Honohan tell us about synthetic securitisation?