Results 161-180 of 1,974 for speaker:Arthur Spring

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: I wish the Governor the very best on his new horizons and thank him for the service he has done the State. I start with a question on property prices and the activity in which the banks are involved. We recently extracted from some of the banks the fact that their working capital provisions were down to approximately 10% of what they had been at the height of the boom. One could derive...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: Does the Governor consider that a figure of 10% reflects the reality of where the market is relative to where it was at the height of the boom?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: I acknowledge that. It is very expensive and rare.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: The model shown to us was that 40% would have to be from equity at a minimum for site finance and the banks might then consider providing 60%. Does it matter what way one looks at it? One is still down to a figure of 10% going towards working capital for site finance and the building of houses. How will supply keep up with demand if that provision is not increased?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: To rewind, the Governor says they have plenty of money and that it is up to them to decide how much they want to release into the marketplace. The next step is to find the people they can trust to do this. Is there a shortage of qualified builders or developers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: The level of equity is now far greater. It is, however, still a constraint and goes back to the net question as to why the banks are at a figure of 10% and whether there is a role for the Central Bank to play. I remember the Central Bank reports we had to produce on the percentage of business in agriculture, the percentage in industry, etc., when I was working in the banking sector. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: I am not saying that; what I am trying to get at is whether the Central Bank can influence it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: That is exactly where we are at; it is unfair to customers. The biggest financial commitment the average person will make in his or her life is for a house. Currently, supply is not keeping up with demand. Rents are going out of control and lack of availability, particularly of family houses, is making it very difficult for my generation to find sustainable housing. If the Central Bank's...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: Why is bank management down at a figure of 10%? Is it because the banks cannot find people they trust?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: If I were to look at a bank's balance sheet and consider the amount of persons in negative equity, that would obviously impact on the cost of funds for that bank and the perceived liabilities on the balance sheet. These liabilities can be repaired by increasing the values of homes which it is quite possible for them to do. Supply and demand are the kernel of the problem.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: It is not repossessing them. Having persons out of negative equity allows a house to be an asset rather than a liability on the bank's balance sheet.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: Am I not right in saying that it is in their interests to have reduced supply?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: The Governor has still not explained to me in any meaningful way why they are at a figure of 10%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: We have probably gone as far as we can on the issue.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: May I ask one last question?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: Perhaps the Governor might be able to tell us more when he is no longer in the position he holds. When does he envisage us being back at the European average cost of funds and standard variable rates?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: If the repossession and bankruptcy laws were changed, would the standard variable rate ultimately be reduced?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of the Banking Sector: Central Bank of Ireland (28 May 2015)

Arthur Spring: I have a very simple question, but it may have a very difficult answer. Why did quantitative easing not happen four or five years ago, when it would have made this mess much easier to deal with? Is it the case that some countries did not want it to happen?

Written Answers — Department of Social Protection: Disability Allowance Eligibility (26 May 2015)

Arthur Spring: 213. To ask the Minister for Social Protection if a person on disability allowance who is allowed to work for rehabilitative purposes through the partial capacity benefit scheme is permitted to work as an employee and a self-employed person simultaneously. [20371/15]

Written Answers — Department of Transport, Tourism and Sport: Penalty Points System (26 May 2015)

Arthur Spring: 1042. To ask the Minister for Transport, Tourism and Sport if the existing penalty points on a person's driving licence (details supplied) in County Kerry should have expired, due the fact that the relevant person was given these points in 2007 and emigrated from 2011 to 2013; and if he will make a statement on the matter. [20611/15]